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Tax Accounting for Inventories - Tax Staff Essentials
Management Accounting
CPE Self-study

Tax Accounting for Inventories - Tax Staff Essentials

Details the methods of valuing inventory, including special rules for dealing with FIFO and LIFO.

$49 - $69
Do you have an AICPA membership? Log in to apply your member discount.

Format

Online

NASBA Field of Study

Taxes

Level

Intermediate

CPE Credits

2

Author(s)

Barbara Aue

Availability

1 year

Learning Outcomes
  • Identify the allowable inventory valuation methods for tax purposes.
  • Examine scenarios in which a taxpayer may wish to use FIFO or LIFO inventory methods.
  • Recognize when a taxpayer can qualify to use the simplified dollar-value LIFO method.
  • Determine which costs are included or excluded from the UNICAP calculation.
  • Identify which companies are subject to the UNICAP rules.
  • Recognize the simplified production method.
  • Identify when an estimated shrinkage deduction can be claimed.
  • Identify when a corporation is allowed to reduce the inventory value of goods.
Key Topics
  • Inventory methods
  • Financial statement conformity
  • Switching inventory methods
  • IRC Section 263A, Uniform Capitalization Rules (UNICAP)
  • Direct costs, indirect costs, burden rates
  • Estimating inventory shrinkage
Product Details

Save when you buy the complete Tax Staff Essentials, Level 2 online bundle.

Learn methods of valuing inventory, including special rules for dealing with FIFO and LIFO and learning about the effect of shrinkage and market.

Determine — among the multiple ways to derive an inventory valuation — which method will affect the amount of taxable income recognized

Learn about proposals to prohibit lower of cost or market (LCM) and subnormal goods methods that include wash-sale goods. Gain practical guidance on which costs are included or excluded from the UNICAP calculation and identify which companies are subject to the UNICAP rules.

Who Will Benefit
  • CPAs in public accounting
Pricing
Do you have an AICPA membership? Log in to apply your member discount.
Nonmembers
Online
$69.00
AICPA Members
Online
$59.00
Tax Section Members
Online
$49.00

Looking for group pricing?

We can help with group discounts. Call us at 1-800-634-6780 (option 1) or email us at salessupport@aicpa.org

Contact us
Credit Info
CPE Credits
Online
2
NASBA Field of Study
Taxes
Level
Intermediate
Prerequisites
Experience in corporate taxation
Access
Online
This is a digital product. You will have access to the content for 1 year after purchase date.
Instructors
Barbara Aue
CPA
Accessibility

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Tax Accounting for Inventories - Tax Staff Essentials
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$69.00
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$69.00
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