United States Board of Tax Appeals March 18, 1925, Docket No. 319. (James H. Bunce Co. v. Commissioner)

lead-opinion

OFINION.

Ivins :

At the hearing the taxpayer admitted the correctness of the 1911 deficiency and of so much of the deficiency for 1918 as resulted from a disallowance of certain discount deductions from the closing inventories of 1917 and 1918, leaving the only question at issue that of whether the closing inventory at December 31, 1918, should be in the amount of $172,032.