It is averred by the plaintiff in its petition that such articles of merchandise were obsolete and unsalable. Let us help start your spring cleaning with FREE queen city woodworks detergent for the life of your washer. March 31, Create a kitchen that provides a place to connect, entertain and create while enjoying breakthrough innovation and technology with beautiful, clean design. Moreover, counsel assert queen city woodworks under a regulation promulgated by the Commissioner of Internal Revenue, a correct inventory was determinable from a "bona fide selling price," which "means actual offering of goods during a period ending not later than 30 days after inventory date. Very easy and they all were great in making the sale go smoothly.

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There would be no demand for an obsolete device. Market value could not be indicated because there was no "actual offering of goods during a period ending not later than 30 days after inventory date. The government could not fairly accept the tax and retain it, merely because plaintiff could not comply literally with the regulations prescribed by the Internal Revenue Commissioner. Particularly is this true if it appeared by proof that the merchandise was worthless as a manufactured article.

Under the authorities the plaintiff would be entitled to correct its mistake, as its income should not be either increased or diminished by artificial or arbitrary methods. In re Harrington D. Commissioner of Internal Revenue C. In the case of Lucker v. United States, 53 F. In the instant case the testimony showed that the magnetic radio equipment was obsolete in the fall of Subsequent developments confirm what may have been reasonably expected on December 31, The plaintiff ought not to be penalized because it mistakenly inventories its merchandise at cost.

If the plaintiff were required to pay an income tax upon the closing inventory returned by it, the tax would not be upon a true income, for the reason that the closing inventory did not reflect its true income.

The regulation promulgated by the Commissioner must not be contrary to the law Burnet v. Marston, 61 App. Paragraph c , of section 22 of the Revenue Act of , relating to the subject of Inventories, section c , title 26, U.

This expresses the purpose of the Congress to obtain such an inventory "as most clearly reflecting the income. The Commissioner, therefore, could not promulgate a rule so harsh as to compel the payment of a tax upon an income not clearly or fairly reflected. In the case at bar, the plaintiff was clearly entitled to a reduction of its inventory. Its closing inventory as returned for taxation purposes was made up as a result of a misapprehension of the facts. These facts existed and were readily ascertainable at the time, but were not ascertained and confirmed until after the tax had been paid upon the basis of an erroneous inventory.

The plaintiff should therefore be reimbursed for the tax thus paid by mistake. It is true that there was evidence on behalf of the collector that the sale and even the manufacture of such equipment continued for some time after the first of the year Nevertheless, it is now a matter of common knowledge that the dynamic radio has completely superseded the magnetic, and that the transition began in the fall of The fact that others may have been able to palm off on the public an obsolete article would not warrant a penalty upon plaintiff because it failed or was unable or unwilling to impose its device upon an uninformed and unsuspecting portion of the public.

As stated by Mr. Justice Butler in Burnet v. Niagara Brewing Co. The deduction was proper for the year for the reason it was then the loss occurred. United States Cartridge Co.

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