Ewing-Thomas Converting Co. v. Comm'r
United States Board of Tax Appeals
A taxpayer obligated under firm sales contracts at the end of 1919 to sell merchandise for less than the then market price may not inventory merchandise on hand at the close of the year of a quality suitable for manufacture to fill its contracts, but not specifically appropriated to such contracts, at less than cost.
1Opinion of the Court
Appeal of EWING-THOMAS CONVERTING CO.
Ewing-Thomas Converting Co. v. Comm'r
Docket No. 135.
United States Board of Tax Appeals
1 B.T.A. 121; 1924 BTA LEXIS 239;
December 1, 1924, decided Submitted November 3, 1924.
A taxpayer obligated under firm sales contracts at the end of 1919 to sell merchandise for less than the then market price may not inventory merchandise on hand at the close of the year of a quality suitable for manufacture to fill its contracts, but not specifically appropriated to such contracts, at less than cost.
J. C. Peacock, Esq., for the taxpayer.
A. Calder Mackay, Esq. (Nelson T.…
2Cases cited1 opinion
- Ewing-Thomas Converting Co. v. Comm'rUnited States Board of Tax Appeals · 1924