UFE, INC. v. COMMISSIONER

Docket No. 38480-86.

92 T.C. 1314 (1989)

UFE, INC., PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed June 22, 1989.


Attorney(s) appearing for the Case

David R. Brennan, for the petitioner.

Gordon L. Gidlund, for the respondent.


WILLIAMS, Judge:

The Commissioner determined a deficiency in petitioner's Federal income tax for the taxable year ending March 31, 1981, in the amount of $651,084. By amendment to answer, respondent asserts that an additional unspecified deficiency is due for the same taxable year.

The issues we must decide are (1) whether petitioner correctly included in its LIFO inventory pool the finished inventory that was purchased simultaneously with all the assets...

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