Tax Accounting for Inventories

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Overview

2.0 Credits
ONLINE

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.

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

Major Topics

  • UNICAP
  • Section 263A 2.0
  • FIFO, LIFO, average
  • Lower of cost or market
  • Inventory Shrinkage

Designed For

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.
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