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INSILCO CORP. v. COMMISSIONER

Docket No. 2231-77.

73 T.C. 589 (1979)

INSILCO CORPORATION, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed December 26, 1979.

Attorney(s) appearing for the Case

Harold R. Handler and Dickson G. Brown, for the petitioner.

Michael A. Menillo, for the respondent.

OPINION

TANNENWALD, Judge:

Respondent determined a deficiency in Federal income tax of petitioner for 1971 of $3,378,664. The issue remaining for resolution is whether members of the affiliated group, of which petitioner is the parent, are precluded from using for income tax purposes the last-in, first-out (LIFO) method of valuing inventories at December 31, 1971, when petitioner converted its inventories...

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