Jagerson Fuel Co. v. Commissioner
United States Board of Tax Appeals
1. Merchandise purchased by petitioner, title to which remained in seller, can not be included in inventory, if any, kept by petitioner. 2. No abnormality having been shown to exist, held, petitioner not entitled to benefit of special assessment provision.
1Opinion of the Court
*875OPINION.
McMahon:
The petitioner contends that it should be permitted to take as a deduction from its gross income a loss of $25,574.25 which it claims it actually sustained within the taxable year upon the decline in the market value of certain merchandise which it, for all practical purposes, had in its inventory.
The books of account of the petitioner were not produced at the hearing and from the testimony we are unable to determine just how or at what time the purchases and sales were entered therein. It is apparent from the testimony, however, that no book inventory was kept. The quantity…
2Cases cited6 opinions
- Vogt v. SchienebeckWisconsin Supreme Court · 1904
- Dow Chemical Co. v. Detroit Chemical WorksMichigan Supreme Court · 1919
- State ex rel. News Publishing Co. v. ParkWisconsin Supreme Court · 1917
- Detroit Southern Railroad v. MalcomsonMichigan Supreme Court · 1906
- Schenning v. Devere & Schloegel Lumber Co.Wisconsin Supreme Court · 1920
1 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Jagerson Fuel Co. v. CommissionerUnited States Board of Tax Appeals · 1931