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ALL-STEEL EQUIPMENT, INC. v. C. I. R.

Nos. 71-1664, 71-1665.

467 F.2d 1184 (1972)

ALL-STEEL EQUIPMENT, INC., Cross-Appellee, v. COMMISSIONER OF INTERNAL REVENUE, Cross-Appellant. ALL-STEEL EQUIPMENT, INC., Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Appellee.

United States Court of Appeals, Seventh Circuit.

Decided September 12, 1972.

Attorney(s) appearing for the Case

Arthur E. Bryan, Jr., James M. Roche, and Daniel C. Looney, Chicago, Ill., for All-Steel Equipment Inc.; McDermott, Will & Emery, Chicago, Ill., of counsel.

Scott P. Crampton, Asst. Atty. Gen., Meyer Rothwacks, Thomas L. Stapleton, Donald H. Olson, Attys., Tax Div., Dept. of Justice, Washington, D. C., for C. I. R.

Before FAIRCHILD and CUMMINGS, Circuit Judges, and CAMPBELL, District Judge.

PER CURIAM.

Taxpayer was engaged in the metal fabricating business in Montgomery, Illinois, in 1962 and 1963, the taxable years in question. Its business consisted of manufacturing and selling metal office furniture. At least since 1928, it has determined inventory costs by including the costs of materials plus the cost of labor, but reflecting no manufacturing overhead. This method of costing inventory is the so-called "prime cost" method. The taxpayer and Commissioner...

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