Sinsheimer Bros., Inc. v. Commissioner
United States Board of Tax Appeals
Inventory methods used consistently and uniformly for many years that reflect taxpayer's income accurately should not be disturbed by arbitrary adjustments that result in distortion of actual income.
1Opinion of the Court
*919OPINION.
Morris:
The petitioner concedes that the adjustment made by the Commissioner in the general merchandise inventory at the close of the year 1920 results in a restatement of that inventory at actual *920cost, and that the adjustment is, therefore, proper. It disputes the correctness of the adjustment made by the Commissioner in the bean and grain inventory, and contends that its net income for the year 1920 has been overstated in the deficiency letter, because of the use of the adjusted inventory.
Prior to the year 1920 it was the petitioner’s practice to value its bean and grain inventory…
2Cited by6 opinions
- E. J. Scheer, Inc. v. CommissionerUnited States Tax Court · 1949
- Carmichael Tile Co. v. CommissionerUnited States Tax Court · 1950
- Estate of Hugh Smith v. CommissionerUnited States Tax Court · 1947
- Eureka Fire Brick Works v. CommissionerUnited States Tax Court · 1946
- Reuben H. Donnelley Corp. v. CommissionerUnited States Board of Tax Appeals · 1931
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