Tax Accounting for Inventories

Description

This course details methods of valuing inventory, including special rules for dealing with LIFO inventory. Effect of shrinkage and market will also be discussed and participants will learn about proposals to prohibit LCM and subnormal goods methods that include wash-sale goods.

Learning Objectives
  1. Explain the allowable inventory valuation methods for tax purposes and how to choose the most beneficial in various scenarios.
  2. Estimate the tax value of ending inventory under the chosen method.
  3. Calculate the resulting tax adjustment to book income as applicable.
Major Topics
  1. 263A 2.0
  2. FIFO, LIFO, average
  3. Lower of cost or market
Provider
AICPA
Course Level
Intermediate
Professional Area of Focus
Tax
CPE Field of Study
Taxes
2.0
Who Should Attend
Tax professionals in public accounting or within corporate finance or tax departments
Location
Online Course
Register Now
When
Dec 7, 2017
1:00 pm - 3:00 pm
Total CPE Credits
2
Format
Webcast

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Tax Accounting for Inventories


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