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- Thor_Power_Tool_Co._v._Commissioner abstract "Thor Power Tool Company v. Commissioner, 439 U.S. 522 (1979), was a United States Supreme Court case in which the Court upheld IRS regulations limiting how taxpayers could write down inventory. The opinion limited the application of the lower of cost or market method to the two circumstances in the regulations.The taxpayer had reduced the value of its inventory to an amount management asserted was the fair market value, without selling the inventory. In court, the taxpayer argued that its deduction for loss should be allowed for tax purposes because it was permitted for accounting purposes. The Court stated, \"There is no presumption that an inventory practice conformable to 'generally accepted accounting principles' is valid for tax purposes. Such a presumption is insupportable in light of the statute, this Court's past decisions, and the differing objectives of tax and financial accounting.\" The Court's opinion cited, in particular, a lack of evidence presented by the taxpayer to support its loss.Thor manufactured equipment using multiple parts that it produced. It capitalized the costs of these parts when produced. When it had inventories of parts in excess of production needs, it wrote down those inventories, taking a loss based on management judgment. This write-down was in accordance with the company's accounting practice.IRS regulations provided that goods could be written down only if one of two conditions existed: either the taxpayer could demonstrate a market price, or the goods were defective or \"subnormal\". The Court denied the write-down because Thor did not present evidence to demonstrate a market price of less than its cost and did not show that the parts were subnormal goods.The decision prevents companies from writing down goods simply because they are not selling them.".
- Thor_Power_Tool_Co._v._Commissioner wikiPageExternalLink 522.html.
- Thor_Power_Tool_Co._v._Commissioner wikiPageExternalLink case.html.
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- Thor_Power_Tool_Co._v._Commissioner wikiPageRevisionID "661556558".
- Thor_Power_Tool_Co._v._Commissioner wikiPageWikiLink Category:1979_in_United_States_case_law.
- Thor_Power_Tool_Co._v._Commissioner wikiPageWikiLink Category:United_States_Supreme_Court_cases.
- Thor_Power_Tool_Co._v._Commissioner wikiPageWikiLink Category:United_States_Supreme_Court_cases_of_the_Burger_Court.
- Thor_Power_Tool_Co._v._Commissioner wikiPageWikiLink Category:United_States_taxation_and_revenue_case_law.
- Thor_Power_Tool_Co._v._Commissioner wikiPageWikiLink Generally_accepted_accounting_principles.
- Thor_Power_Tool_Co._v._Commissioner wikiPageWikiLink Internal_Revenue_Service.
- Thor_Power_Tool_Co._v._Commissioner wikiPageWikiLink Lower_of_cost_or_market.
- Thor_Power_Tool_Co._v._Commissioner wikiPageWikiLink Supreme_Court_of_the_United_States.
- Thor_Power_Tool_Co._v._Commissioner wikiPageWikiLinkText "Thor Power Tool Co. v. Commissioner".
- Thor_Power_Tool_Co._v._Commissioner arguedate "--11-01".
- Thor_Power_Tool_Co._v._Commissioner argueyear "1978".
- Thor_Power_Tool_Co._v._Commissioner case "Thor Power Tool Co. v. Commissioner, 439 U.S. 522".
- Thor_Power_Tool_Co._v._Commissioner decidedate "--01-16".
- Thor_Power_Tool_Co._v._Commissioner decideyear "1979".
- Thor_Power_Tool_Co._v._Commissioner findlaw 522.html.
- Thor_Power_Tool_Co._v._Commissioner fullname "Thor Power Tool Company v. Commissioner of Internal Revenue".
- Thor_Power_Tool_Co._v._Commissioner holding "The Commissioner did not abuse his discretion in determining that the write-down of "excess" inventory failed to reflect petitioner's 1964 income clearly, since the write-down was plainly inconsistent with the governing Regulations.".
- Thor_Power_Tool_Co._v._Commissioner joinmajority "unanimous".
- Thor_Power_Tool_Co._v._Commissioner justia case.html.
- Thor_Power_Tool_Co._v._Commissioner litigants "Thor Power Tool Company v. Commissioner".
- Thor_Power_Tool_Co._v._Commissioner majority "Blackmun".
- Thor_Power_Tool_Co._v._Commissioner scotus "1975".
- Thor_Power_Tool_Co._v._Commissioner uspage "522".
- Thor_Power_Tool_Co._v._Commissioner usvol "439".
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- Thor_Power_Tool_Co._v._Commissioner subject Category:1979_in_United_States_case_law.
- Thor_Power_Tool_Co._v._Commissioner subject Category:United_States_Supreme_Court_cases.
- Thor_Power_Tool_Co._v._Commissioner subject Category:United_States_Supreme_Court_cases_of_the_Burger_Court.
- Thor_Power_Tool_Co._v._Commissioner subject Category:United_States_taxation_and_revenue_case_law.
- Thor_Power_Tool_Co._v._Commissioner type Case.
- Thor_Power_Tool_Co._v._Commissioner type LegalCase.
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- Thor_Power_Tool_Co._v._Commissioner type Situation.
- Thor_Power_Tool_Co._v._Commissioner type Thing.
- Thor_Power_Tool_Co._v._Commissioner type Q2334719.
- Thor_Power_Tool_Co._v._Commissioner comment "Thor Power Tool Company v. Commissioner, 439 U.S. 522 (1979), was a United States Supreme Court case in which the Court upheld IRS regulations limiting how taxpayers could write down inventory. The opinion limited the application of the lower of cost or market method to the two circumstances in the regulations.The taxpayer had reduced the value of its inventory to an amount management asserted was the fair market value, without selling the inventory.".
- Thor_Power_Tool_Co._v._Commissioner label "Thor Power Tool Co. v. Commissioner".
- Thor_Power_Tool_Co._v._Commissioner sameAs Q7796091.
- Thor_Power_Tool_Co._v._Commissioner sameAs m.03x24s.
- Thor_Power_Tool_Co._v._Commissioner sameAs Q7796091.
- Thor_Power_Tool_Co._v._Commissioner wasDerivedFrom Thor_Power_Tool_Co._v._Commissioner?oldid=661556558.
- Thor_Power_Tool_Co._v._Commissioner isPrimaryTopicOf Thor_Power_Tool_Co._v._Commissioner.
- Thor_Power_Tool_Co._v._Commissioner name "Thor Power Tool Company v. Commissioner of Internal Revenue".