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BASSE v. COMMISSIONER

Docket Nos. 3370, 3371.

10 T.C. 328 (1948)

EDGAR A. BASSE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT. CARRIE HARTZ BASSE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated February 19, 1948.

Attorney(s) appearing for the Case

A. N. Moursund, Esq., James H. Yeatman, Esq., Gilbert M. Denman, Esq., and Ben F. Irby, C. P. A., for the petitioners.

John W. Alexander, Esq., for the respondent.

The respondent determined a deficiency in income tax of each petitioner in the amount of $14,851.41 for the year 1941. The issues presented are the correctness of the respondent's action (1) in determining the amount of the 1941 closing inventory of the petitioners on the basis of cost, instead of on the elective or last in, first out method, as provided in section 22 (d) of the Internal Revenue Code, which the petitioners elected...

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