Moody-Warren Commercial Co. v. Commissioner
United States Board of Tax Appeals
Petitioner undertook to inventory feeder lambs on hand at the end of the taxable year on the so-called "farm-price method" and deduct from the gross income the difference between the cost of lambs and the estimated farm-price thereof. Held, that the inventory method used did not truly reflect income for the year in question and that petitioner, even if entitled to use the farm-price method, failed to comply with the plain requirements of article 106(2)(b) of Regulations 74.
1Opinion of the Court
MOODY-WARREN COMMERCIAL COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Moody-Warren Commercial Co. v. Commissioner
Docket No. 62495.
United States Board of Tax Appeals
29 B.T.A. 887; 1934 BTA LEXIS 1474;
January 23, 1934, Promulgated
Petitioner undertook to inventory feeder lambs on hand at the end of the taxable year on the so-called "farm-price method" and deduct from the gross income the difference between the cost of lambs and the estimated farm-price thereof. Held, that the inventory method used did not truly reflect income for the year in question and that petitioner,…
2Cases cited1 opinion
- Moody-Warren Commercial Co. v. CommissionerUnited States Board of Tax Appeals · 1934