O. A. Steiner Tire Co. v. Commissioner
United States Board of Tax Appeals
Where taxpayer inventoried his stock of goods at cost and then deducted from the value of his whole inventory 10 per cent thereof, held, under the facts of this case, that the Commissioner did not err in restoring the amount deducted to the inventory.
1Opinion of the Court
*1290OPINION.
Milliken :
Since respondent determined an overassessment for the year 1921, this proceeding is dismissed in so far as that year is involved. Appeal of Cornelius Cotton Mills, 4 B. T. A. 255.
Petitioner took its closing inventory for the year 1920 on the basis of cost. This inventory contained articles which were obsolete or practically unsalable. Believing that petitioner had suffered a ma: terial loss with respect to these articles, those taking the inventory, after consultation and discussion, arrived at an estimate of this loss which was precisely 10 per cent of the total of the…
2Cited by7 opinions
- Estate of Cohn v. CommissionerUnited States Tax Court · 1974
- S. Weisbart & Co. v. CommissionerUnited States Tax Court · 1964
- Estate of Cohn v. CommissionerUnited States Tax Court · 1974
- Estate of Jones v. CommissionerUnited States Tax Court · 1961
- Goodman v. CommissionerUnited States Tax Court · 1971
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