# Wausau Canning Co. v. Commissioner > United States Board of Tax Appeals · December 17, 1928 · 14 B.T.A. 765 URL: https://www.frixlaw.com/law-library/cases/4488972 ## Case - **Full name:** WAUSAU CANNING CO., v. COMMISSIONER OF INTERNAL REVENUE - **Court:** United States Board of Tax Appeals - **Decided:** December 17, 1928 - **Citations:** 14 B.T.A. 765; 1928 BTA LEXIS 2919 - **Precedential status:** Published - **Opinion:** Opinion of the court by Siepkin - **Judges:** Siepkin - **Cited by:** 0 later opinions in the Frix Law Library ## Citator (automated) - No negative treatment found by the automated citator. That is not the same as a confirmation that the case is good law; read the citing cases. - Full citator and citing cases: https://www.frixlaw.com/law-library/cases/4488972 ## Opinion text *766 OPINION. Siepkin: We are satisfied that, regardless of the statements of the certificates of inventory attached to the 1920 return, the inventory of canned peas as of that date was taken at cost rather than cost or market, whichever was lower. We are also satisfied that such action was taken by the general manager of the petitioner without authority from the officers or directors of the petitioner. We have found the value of such goods as of December 31, 1920, to be $98,-638.88, which is supported by ample evidence of qualified witnesses. Under article 1582 of Regulations 45, as amended by Treasury Decision 3108, the petitioner could adopt, regardless of its past practice, the basis of “ cost or market whichever is lower ” for its inventory as at December 31, 1920. We are satisfied that it intended to do so, and that its tax liability should be computed upon such basis. Judgment will be entered under Rule 50. --- Source: Frix Law Library, https://www.frixlaw.com/law-library/cases/4488972. Public record. Not legal advice.