Court of Appeals for the Second Circuit September 1, 1964, 28586_1 (National Lead Company v. Commissioner of Internal Revenue)

MARSHALL, Circuit Judge:

This petition for review of the Tax Court presents three issues relating to petitioner’s income tax liability for the year 1952. The first is whether it validly revoked an election to use the “LIFO” inventory replacement provisions of section 22(d)(6)(F) of the Internal Revenue Code of 1939; the second is whether it may deduct as a loss the repayment by a British