WAYNE BOLT & NUT CO. v. COMMISSIONER

Docket No. 9236-87.

93 T.C. 500 (1989)

WAYNE BOLT AND NUT COMPANY, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed October 23, 1989.


Attorney(s) appearing for the Case

Robert F. Forrest, George J. Haddad, and Joseph F. Dillon, for the petitioner.

Margaret A. Satko, for the respondent.


RUWE, Judge:

Respondent determined a deficiency of $1,091,362 in petitioner's Federal income tax for the taxable year ended February 28, 1982. The issues for decision are whether petitioner correctly valued its opening inventory and, if so, whether petitioner changed its method of accounting so as to require adjustments pursuant to section 481.

FINDINGS OF FACT

Some of the facts have been stipulated...

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