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THOR POWER TOOL CO. v. COMMISSIONER

No. 77-920.

439 U.S. 522 (1979)

THOR POWER TOOL CO. v. COMMISSIONER OF INTERNAL REVENUE.

Supreme Court of United States.

Decided January 16, 1979.

Attorney(s) appearing for the Case

Mark H. Berens argued the cause for petitioner. With him on the briefs were Lee N. Abrams and Douglas A. Poe.

Stuart A. Smith argued the cause for respondent. With him on the brief were Solicitor General McCree, Assistant Attorney General Ferguson, and Ann Belanger Durney.*

Eric Neisser filed a brief for the Taxation With Representation Fund et al. as amici curiae urging affirmance.

MR. JUSTICE BLACKMUN delivered the opinion of the Court.

This case, as it comes to us, presents two federal income tax issues. One has to do with inventory accounting. The other relates to a bad-debt reserve.

The Inventory Issue. In 1964, petitioner Thor Power Tool Co. (hereinafter sometimes referred to as the taxpayer), in accord with "generally accepted accounting principles," wrote down what it regarded as excess inventory to Thor's own estimate...

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