Henry E. Bodman named "Detroit's Outstanding Young Man of 1964";

              Henry E. Bodman, partner in our Detroit office, last
month was named "Detroit's Outstanding Young Man of
1964" by the Detroit Junior Chamber of Commerce.
(Continued from page 8)
4 1954 Code Sec. 481(a)(2).
5 1954 Code Sec. 481(b)(1) and (2).
6 1954 Code Sec. 481 (b) (4) and (6).
7 Ibid.
8 Regs. Sec. 1.481-1 (c) (5).
9 3 8 T . C . 263 (1962); affirmed, 315 F. 2d 629 (C. A. 3, 1963).
10 1954 Code Sec. 446(a).
11 Regs. Sec. 1.381(c) (4)-l.
12 Regs. Sec. 1.381(c) ( 4 ) - l ( b ) (3).
13 Regs. Sec. 1.381 (c) (4)-l (c) (1).
14 Regs. Sec. 1.1502-44(a).
15 Regs. Sec. 1.1502-44(c).
16 Cf. Transamerica Corporation v. U.S., 64-1 USTC Para.
9275 (D. G.j Calif., 1964), wherein taxpayers were held not to
have initiated change with respect to new members of affiliated
group entering group under the new 80% stock ownership test
of the 1954 Code.
17 Note 8, supra.
18 M. A. Lindner, et at., v. U. S., 61-1 USTC Para. 9381
(1961) (D. C.j Utah, 1961) ; affirmed, 307 F. 2d 262 (C. A. 10,
1962).
19 Irving Falk, et al., v. Coram., 37 T. C. 1078 (1962);
affirmed, 64-2 USTC Para. 9528 (C. A. 5, 1964).
20 T. I. Welch, et al, v. Coram., 22 TCM 151, Dec. 25, 1953
(M) (1963).
21 Ezo Products Company v. Comm., 37 T. C. 385 (1961). See
also George D. Prather et al., v. Coram., T. C. Memo. 1961-99
(1961) ; affirmed, 322 F. 2d 931 (C. A. 9, 1963).
22 1954 Code Sec. 351 and 362 (a).
The award, presented annually since 1940, goes to men
between the ages of 21 and 35 who have demonstrated a
high level of personal achievement and dedication to the
welfare of the community. The large, framed citation
cites Mr. Bodman for "loyal and unselfish efforts" which
have been a great contribution to Detroit, and his "evi­dence
of leadership ability, personal and business progress
and his interest in the general community welfare."
Mr. Bodman has twice been elected to the City of
Grosse Pointe Farms Council and is serving his sixth term
on the Wayne County Board of Supervisors. He is chair­man
of the Taxation and Apportionment Committee of
the Board of Supervisors and formerly served as chairman
of the Wayne County Building Authority. Appointed Di­rector
of the Michigan USO in 1964, he is treasurer of
the Gabriel Richard School PTA, a trustee of the Liggett
School for Girls and the Franklin Settlement as well as a
member of the Economic Club of Detroit, the Greater
Detroit Board of Commerce and the Country Club of
Detroit.
Mr. Bodman was named a partner in Touche, Ross,
Bailey & Smart in 1964. He is a graduate of Princeton
University and also holds a MBA degree from the Uni­versity
of Michigan, School of Business Administration.
He joined the firm in 1957.
23 See Estate of John A. Biewer, Deceased, v. Comm., 41 T. C.
191 (1963).
24 21 T. C. 610 (1954); reversed, 218 F. 2d 697 (C. A. 10.
1955).
25 Regs. Sec. 1.446-1 (e) (2) (i).
26 Dorr-Oliver, Inc., 40 T. C. 50 (1963).
27 / . Lewis Corporation v. Coram., 22 T. C. M. 35 (1963).
28 American Can Company v. Coram., 37 T. C. 198 (1961) :
reversed, 317 F. 2d 604 (C. A. 2, 1963).
29 The O Liquidating Corporation v. Coram., 19 T. C. M. 154
(1960) ; reversed, 292 F. 2d 225 (C. A. 3, 1961) ; cert, den., 368
U.S. 898.
30 Note 26, supra.
31 1954 Code Sec. 446 (c).
32 Regs. Sec. 1.446-1 (c) (1) (iv) (a).
33 Hauser, Significance and Implications of Some Recent
Cases, 39 Taxes 965, 976 (1961).
34 Fruehauf Trailer Company v. Comm., 42 T. C. 83 (1964).
35 This was to avoid the effect of a line of cases under the 1939
Code which would require the allowance of a tax-free opening
inventory for the year of change. Appeal of The Thomas Shoe
Company, 1 B. T. A. 124 (1924).
36 The Tax Court recently held that a "correction" may be
made in the manner of computing taxable income from the
property for purposes of the limitation on percentage depletion.
(N. Carolina Granite Corp., 43 T. C. No. 15 (1964)).
37 See Journal of Accountancy, Aug., 1962, page 76.
38 As previously indicated, Regulations require that permission
be sought within 90 days after the beginning of the taxable year.
(Regs. Sec. 1.446-1 (e) (3).
39 I. R. B. 1964-9,35.
MARCH, 1965 31