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WINER v. C. I. R.

No. 6782.

371 F.2d 684 (1967)

Abraham WINER et al., Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals First Circuit.

January 10, 1967.

Attorney(s) appearing for the Case

Phil David Fine, Boston, Mass., with whom Alan M. Edelstein, Boston, Mass., was on the brief, for petitioners.

Howard J. Feldman, Atty., Dept. of Justice, with whom Mitchell Rogovin, Asst. Atty. Gen., and Lee A. Jackson and Melva M. Graney, Washington, D. C., Attys., were on the brief, for respondent.

Before ALDRICH, Chief Judge, and McENTEE and COFFIN, Circuit Judges.

COFFIN, Circuit Judge.

The principal question posed by this petition for review is whether a corporation, which disposes of its inventory, pursuant to a plan of liquidation, in a non-taxable bulk sale under section 337 of the Internal Revenue Code,1 can compute its cost of goods sold for income tax purposes on the assumption that ending inventory for the year of the bulk sale is zero. To put the question in terms of legal result: can section...

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