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Kindle Notes & Highlights
The Thor Power Tool Co. case of 1979 radically changed how books were sold. This U.S. Supreme Court decision upheld the Internal Revenue Service’s rule that companies could no longer “write down,” or lower the value of, unsold inventory. Previously,
After the Thor decision, these books were valued at full cover price, eliminating the tax write-off. Suddenly, the day of the midlist novel was over. Paperbacks were given six weeks on the racks to find an audience, then it was off to the shredder.
