Wausau Canning Co. v. Commissioner

Board of Tax Appeals

Wausau Canning Co. v. Commissioner

14 B.T.A. 765, 1928 BTA LEXIS 2919

CourtUnited States Board of Tax Appeals

DecidedDecember 17, 1928

DocketDocket No. 13966.

StatusPublished

Cited by1 cases

This text of 14 B.T.A. 765 (Wausau Canning Co. v. Commissioner) is published on Counsel Stack Legal Research, covering United States Board of Tax Appeals primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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Wausau Canning Co. v. Commissioner, 14 B.T.A. 765, 1928 BTA LEXIS 2919 (bta 1928).

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Opinion

[766]*766OPINION.

Siepkin:

We are satisfied that, regardless of the statements of the certificates of inventory attached to the 1920 return, the inventory of canned peas as of that date was taken at cost rather than cost or market, whichever was lower. We are also satisfied that such action was taken by the general manager of the petitioner without authority from the officers or directors of the petitioner. We have found the value of such goods as of December 31, 1920, to be $98,-638.88, which is supported by ample evidence of qualified witnesses.

Under article 1582 of Regulations 45, as amended by Treasury Decision 3108, the petitioner could adopt, regardless of its past practice, the basis of “ cost or market whichever is lower ” for its inventory as at December 31, 1920. We are satisfied that it intended to do so, and that its tax liability should be computed upon such basis.

Judgment will be entered under Rule 50.

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[766]*766OPINION.

Siepkin:

We are satisfied that, regardless of the statements of the certificates of inventory attached to the 1920 return, the inventory of canned peas as of that date was taken at cost rather than cost or market, whichever was lower. We are also satisfied that such action was taken by the general manager of the petitioner without authority from the officers or directors of the petitioner. We have found the value of such goods as of December 31, 1920, to be $98,-638.88, which is supported by ample evidence of qualified witnesses.

Under article 1582 of Regulations 45, as amended by Treasury Decision 3108, the petitioner could adopt, regardless of its past practice, the basis of “ cost or market whichever is lower ” for its inventory as at December 31, 1920. We are satisfied that it intended to do so, and that its tax liability should be computed upon such basis.

Judgment will be entered under Rule 50.

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14 B.T.A. 765, 1928 BTA LEXIS 2919, Counsel Stack Legal Research, https://law.counselstack.com/opinion/wausau-canning-co-v-commissioner-bta-1928.

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