Thomas v. Commissioner
United States Tax Court
H owned and operated a book-publishing business founded in 1927 by his parents. In 1946, H became a one-third partner in the business with his parents. In 1968, H became a one-half partner in the business with his mother. In 1975, H became the sole owner of the business. Since the inception of the business, a consistent method of valuing inventory had been used.
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H owned and operated a book-publishing business founded in 1927 by his parents. In 1946, H became a one-third partner in the business with his parents. In 1968, H became a one-half partner in the business with his mother. In 1975, H became the sole owner of the business. Since the inception of the business, a consistent method of valuing inventory had been used. Books were initially placed in inventory at a value of one-fourth of manufacturing cost, and after 2 years, 9 months, books remaining in inventory were written down to zero. Respondent determined that the business' method of inventory…
1Opinion of the Court
Payne E. L. Thomas and Joan M. Thomas, Petitioners v. Commissioner of Internal Revenue, Respondent
Thomas v. Commissioner
Docket No. 22049-82
United States Tax Court
92 T.C. 206; 1989 U.S. Tax Ct. LEXIS 17; 92 T.C. No. 13;
February 1, 1989; As amended February 14, 1989 February 1, 1989, Filed
Decision will be entered under Rule 155.
H owned and operated a book-publishing business founded in 1927 by his parents. In 1946, H became a one-third partner in the business with his parents. In 1968, H became a one-half partner in the business with his mother. In 1975, H became the sole owner of the business.…
2Cases cited69 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Lucas v. American Code Co.Supreme Court of the United States · 1930
- Thor Power Tool Co. v. CommissionerSupreme Court of the United States · 1979
- Commissioner v. HansenSupreme Court of the United States · 1959
- Pallottini v. CommissionerUnited States Tax Court · 1988
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