- 22 -
In light of our holding, we find it unnecessary to address
petitioners' additional assignments of error.8 We have carefully
considered all remaining arguments made by respondent for a
result contrary to that expressed herein, and to the extent not
discussed above, we find them to be irrelevant or without merit.
To reflect the foregoing,
Decisions will be entered
for petitioners.
8On brief, petitioners made several additional arguments in
support of their contention that respondent abused his
discretion. Petitioners argued that the cash method clearly
reflected their income, irrespective of whether inventories were
required by sec. 1.471-1, Income Tax Regs.; that an audit of Mid-
Del’s 1993 Form 1120 resulted in an authorization for Mid-Del
(and PC, by implication) to use the cash method; that sec. 448
permitted petitioners' continued use of the cash method, also
irrespective of whether merchandise inventories were required;
and finally, that computational errors were made in the sec. 481
adjustment.
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