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C. I. R. v. O. LIQUIDATING CORPORATION

No. 13420.

292 F.2d 225 (1961)

COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. O. LIQUIDATING CORPORATION.

United States Court of Appeals Third Circuit.

Decided June 14, 1961.

Attorney(s) appearing for the Case

Douglas A. Kahn, Washington, D. C. (Charles K. Rice, Asst. Atty. Gen., Lee A. Jackson, Harry Baum, Attorneys, Dept. of Justice, Washington, D. C., on the brief), for petitioner.

John S. Chapman, Jr., New York City, for respondent.

Before KALODNER, STALEY and FORMAN, Circuit Judges.

KALODNER, Circuit Judge.

Did the Commissioner of Internal Revenue abuse his statutory discretion in refusing to grant his consent to a change in the taxpayer's method of accounting for a material item of gross income?

That is the critical question presented by the Commissioner of Internal Revenue's petition for review of the Tax Court decision which answered it in the affirmative.1

Treasury Regulations 118, § 39.41...

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