Memorandum Opinion
WILBUR, Judge:
Respondent determined a deficiency of $217,784 in petitioner's Federal income tax for its taxable year ending July 31, 1973. The sole issue presented here for our decision is whether petitioner properly used a ten-year period following a change in its method of accounting for inventory in which to report prior write-downs taken for slow-moving or overstocked items.
This case was submitted fully stipulated, and the...
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