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THOR POWER TOOL CO. v. C. I. R.

No. 76-1476.

563 F.2d 861 (1977)

THOR POWER TOOL COMPANY, Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided September 29, 1977.

Attorney(s) appearing for the Case

Mark H. Berens, Chicago, Ill., for petitioner-appellant.

Crane C. Hauser, Chicago, Ill., for amicus curiae.

Scott P. Crampton, Asst. Atty. Gen., William A. Whitledge, Atty., Tax Div., Dept. of Justice, Meade Whitaker, I. R. S., Washington, D. C., for respondent-appellee.

Before TONE and WOOD, Circuit Judges, and CAMPBELL, Senior District Judge.

TONE, Circuit Judge.

Thor Power Tool Company appeals from a decision of the United States Tax Court, 64 T.C. 154 (1975), which upheld the Commissioner's disallowance of portions of Thor's write-down of its closing inventory for 1964 and its 1965 addition to a reserve for bad debts.1 The issues presented involve the income tax treatment of "excess" inventory and the method for calculating a reasonable addition...

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