Legal Opinion
Thor Power Tool Co. v. Commissioner
Supreme Court of the United States
Decided January 16, 1979No. 77-920PublishedCited by 557 opinions
1Opinion of the CourtJustice Blackmun
This case, as it comes to us, presents two federal income tax issues. One has to do with inventory accounting. The other relates to a bad-debt reserve.
The Inventory Issue. In 1964, petitioner Thor Power Tool Co. (hereinafter sometimes referred to as the taxpayer), in accord with “generally accepted accounting principles,” wrote down what it regarded as excess inventory to Thor’s own estimate of the net realizable value of the excess goods. Despite this write-down, Thor continued to hold the goods for sale at original prices. It offset the write-down against 1964 sales and thereby produced a…
2Cases cited31 opinions
- United States v. AndersonSupreme Court of the United States · 1926
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Automobile Club of Mich. v. CommissionerSupreme Court of the United States · 1957
- Lucas v. American Code Co.Supreme Court of the United States · 1930
- Frank Lyon Co. v. United StatesSupreme Court of the United States · 1978
26 more not listed; retrieve them via the Exa API.
3Cited by557 opinions
- In Re Burlington Coat Factory Securities Litigation. P. Gregory Buchanan, Jacob Turner and Ronald AbramoffCourt of Appeals for the Third Circuit · 1997
- Greebel v. FTP Software, Inc.Court of Appeals for the First Circuit · 1999
- Shalala v. Guernsey Memorial HospitalSupreme Court of the United States · 1995
- In Re: K-Tel International, Inc. Securities Litigation Pasquale Migliaccio Creative Care Corporation Glen Reudolph Morton Kahn David Rea Henry Werres Claude Seymour Igal Mammon Neil Litton, Dr. Jerry Booth Joseph Erlich Gary Ewin Tim Murchison Stanford D. Williams Rev. R.G. Moore Murray N. Johnson Elizabeth Alpert Arthur Alves Societe Financiere Privee and Ravi Anand, on Behalf of Themselves and All Others Similarly Situated v. K-Tel International, Inc. Philip Kives Lawrence Kives, Securities and Exchange Commission, Amicus on Behalf OfCourt of Appeals for the Eighth Circuit · 2002
- Commissioner v. EngleSupreme Court of the United States · 1984
552 more not listed; retrieve them via the Exa API.