MACY'S WINS TEST FOR TAX REFUND PUT AT $9,000,000; U.S. Court Rules Store Chain May Revise Way to Figure Costs for 1942-47 Appeal Is Predicted MACY WINS TEST FOR TAX REFUND Long Fight in Retailing
US Dist Ct Judge Bicks hands down summary judgment to allow R H Macy & Co to value its inventory under LIFO method in fiscal '42 test case, suit filed by Macy and subsidiaries L Bamberger & Co, Davison-Paxon Co, and Lasalle & Koch Co in Oct '54; Macy thereby enabled to recover $727,523 for fiscal '42; Macy sees ruling affecting '42-47, which, plus interest at 6% for '42-53 would entitle co to $9 million refund; Macy computes taxes under LIFO for past 10 yrs, holds $2 million in reserve to be paid to Govt if LIFO is banned; Cong '41 ruling permitting carps election of LIFO, IRS later ruling barring retail trade from using it, '47 Tax Ct ruling upholding Hutzler Bros use of it and IRS subsequent reversal of ban noted
