Tax Accounting for Inventories

Authored by Barbara J. Aue, CPA, MS
About this Course
This CPE course details methods of valuing inventory, including special rules for dealing with LIFO inventory. Effect of shrinkage and market will also be discussed and you will learn about proposals to prohibit LCM and subnormal goods methods that include wash-sale goods.
Learning Objectives
  • 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
Key Topics
  • UNICAP
  • Section 263A 2.0
  • FIFO, LIFO, average
  • Lower of cost or market
  • Inventory Shrinkage
Who will it benefit?
Tax Staff Essentials, Level 2 is designed for junior tax staff who want to take on a wider variety of firm engagements and establish a supervisory role within the firm. Those with 2 to 4 years of tax experience.
$ 69.00
AICPA Member Price: $ 59.00
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NASBA Field of Study
Taxes
Level
Intermediate
CPE Credits
2.0
Prerequisites
None
Delivery Method
QAS Self-Study
Advance Preparation
None
Last Updated
03/20/2017
TSETAI_16A_2