Tax Accounting for Inventories
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.
- Explain the allowable inventory valuation methods for tax purposes and how to choose the most beneficial in various scenarios.
- Estimate the tax value of ending inventory under the chosen method.
- Calculate the resulting tax adjustment to book income as applicable.
- 263A 2.0
- FIFO, LIFO, average
- Lower of cost or market
Professional Area of Focus
CPE Field of Study
Who Should Attend
1:00 pm - 3:00 pm