Hawaiian Freight Forwarders, Ltd. v. Comm'r of Internal Revenue

1 Citing case

  1. J.M. Turner & Co. v. Comm'r of Internal Revenue

    26 T.C. 795 (U.S.T.C. 1956)   Cited 3 times

    In this situation, we have no alternative to the use of book values. E. T. Renfro Drug Co., 11 T.C. 944; Hawaiian Freight Forwarders, Ltd., 15 T.C. 35. As regards contracts in process of completion on December 31, 1949, there were 14 of them held by the proprietorship; and these were its most important and valuable asset.