Tax Accounting for Inventories - Tax Staff Essentials
Details the methods of valuing inventory, including special rules for dealing with FIFO and LIFO.
Format
Online
NASBA Field of Study
Taxes
Level
Intermediate
CPE Credits
2
Author(s)
Barbara Aue
Availability
1 year
Product Number
157656
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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.
- CPAs in public accounting
- Inventory methods
- Financial statement conformity
- Switching inventory methods
- IRC Section 263A, Uniform Capitalization Rules (UNICAP)
- Direct costs, indirect costs, burden rates
- Estimating inventory shrinkage
- 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.
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