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C-O-TWO FIRE EQUIPMENT CO. v. COMMISSIONER OF INT. REV.

No. 11406.

219 F.2d 57 (1955)

C-O-TWO FIRE EQUIPMENT COMPANY, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals, Third Circuit.

Decided February 2, 1955.

Attorney(s) appearing for the Case

Chester Rohrlich, New York City, (Lehman, Goldmark & Rohrlich, New York City, on the brief), for petitioner.

Joseph F. Goetten, Washington, D. C. (H. Brian Holland, Asst. Atty. Gen., Ellis N. Slack, Joesph F. Goetten, Sp. Assts. to the Atty. Gen. on the brief) for respondent.

Before MARIS, GOODRICH, and STALEY, Circuit Judges.

GOODRICH, Circuit Judge.

This is a tax case in which the question involved depends upon when part of the taxpayer's inventory became obsolete. If this happened in 1946 the taxpayer may carry back its loss for that year to reduce its 1944 tax liability and that is what it wants to do. The tax court found that the material in question became obsolete in 1947, 22 T.C. 124. Whether that finding is correct is the sole point in the case....

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