Stock Valuation Rule Case for Revision

Continuance of the 'lower of cost or market' rule for stock valuation is totally indefensible. To allow taxpayers to anticipate losses on inventory valuation but not gains may be prudent on the part of accountants but does not stand to reason for purposes of taxation. It almost amounts to presenting Gov- ernment Revenue with a heads-I-win-tads-you-Iose alternative.