United States Board of Tax Appeals March 26, 1929, Docket No. 19863. (J. W. & A. P. Howard Co. v. Commissioner)

lead-opinion

*1098

OPINION.

Love :

Prior to the fiscal year ended March 31, 1921, the petitioner priced its inventories on the basis of “cost,” but when it filed its return on July 15, 1921, for the fiscal year ended March 31, 1921, it priced its closing inventory for such year on the basis of “cost or market, whichever was lower,” using a cost basis at the beginning of such year, and the result