The case is THOR POWER TOOL CO. v. COMMISSIONER, 439 U.S. 522 (1979) I included the format & list of doctrines. I would appreciate any help. I am just not experienced in this area and need an example to look over.© BrainMass Inc. brainmass.com August 15, 2018, 12:56 am ad1c9bdddf
The commissioner of Internal revenue claimed that income tax had been paid less to the extent of $494,044.99 during 1963 and $59.286.48 during 1965. The commissioner had disallowed an inventory write down and an increase to Thor Power Tool Company's bad-debt reserve account. TPTC had used the lower of cost or market method for inventory valuation and had kep a reserve for bad debts. In addition, TPTC had kept its accounts on accrual basis.
TPTC filed a suit in the US Tax Court which confirmed the decision of the Commissioner. Subsequent appeal to the US Court of appeal with ...
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