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SHASTA INDUSTRIES, INC. v. COMMISSIONER

Docket No. 28705-84.

52 T.C.M. 190 (1986)

T.C. Memo. 1986-377

Shasta Industries, Inc. v. Commissioner.

United States Tax Court.

Filed August 14, 1986.

Attorney(s) appearing for the Case

John F. Daniels III, for the petitioner. Martha J. Combellick, for the respondent.

Memorandum Findings of Fact and Opinion

GOFFE, Judge:

The Commissioner determined a deficiency in petitioner's Federal income tax for the taxable year ending January 31, 1981,1 in the amount of $134,649. After concessions by respondent, the issue for decision is whether the use of the LIFO method for valuing work-in-process inventory by petitioner is compatible with the use of the completed contract method.

Findings...

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