The respondent determined a deficiency in income tax for the year 1947 in the amount of $7,867.95. Two issues are involved: (1) Whether the petitioner was authorized to report its inventories on the last-in, first-out method computed under the provisions of section 22 (d) (1) of the Internal Revenue Code; and (2) if not, can the respondent require that the valuation of petitioner's inventories on January 1, 1947, remain on the last-in, first-out method, as reported by the...
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