Course ID: CL4TAI

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.


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

MAJOR TOPICS
  1. 263A 0
  2. FIFO, LIFO, average
  3. Lower of cost or market

DESIGNED FOR
Tax professionals in public accounting: seniors, supervisors, and managers Tax professionals within corporate finance or tax departments

FIELD OF STUDY
Taxes

PREREQUISITES
Three to five years of tax experience

COURSE PRODUCER
AICPA

CPE CREDITS
4.0

LEVEL
Intermediate

This course is available for your group as:

Group Live
 

Let's Roll!

To learn more or customize this course for your group, complete this form and a BLI team member will get back with you shortly.


Or, contact BLI: 888-481-3500 or learn@blionline.org