Tags: Case, Legal Case, Supreme Court Of The United States Case, Unit Of Work.
Thor Power Tool Company v. Commissioner 439 U.S. 522 (1979) was a United States Supreme Court case in which the Court upheld IRS regulations limiting how taxpayers could write down inventory. The opinion limited the application of the lower of cost or market method to the two circumstances in the regulations.The taxpayer had reduced the value of its inventory to an amount management asserted was the fair market value without selling the inventory.