111 T.C. No. 1
UNITED STATES TAX COURT
CONSOLIDATED MANUFACTURING, INC., M. P. LONG LIVING TRUST, MERL
PHILIP LONG, TRUSTEE, TAX MATTERS PERSON, Petitioner v.
COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket No. 6176-96. Filed July 20, 1998.
Company C (C), an automobile parts remanufacturer
required to take inventories pursuant to sec. 471,1
elected under sec. 472 to apply the last-in, first-out
(LIFO) inventory method of accounting with respect to
certain raw materials (raw materials one), labor, and
overhead included in its inventories, but not with
respect to certain other raw materials (raw materials
two) included therein as to which C continued to use
the first-in, first-out (FIFO) inventory method and the
lower of cost or market (LCM) basis of valuation (C's
method of valuing raw materials two).
1 Unless otherwise indicated, all section references are to
the Internal Revenue Code (Code) in effect for the years at
issue. All Rule references are to the Tax Court Rules of
Practice and Procedure.
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