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Tax Accounting for Inventories (On-Demand) 2020v2

Description

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.

Format: Voiceover Powerpoint, Audio

Learning Objectives
  • 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.
Major 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
Provider
AICPA - Durham
Course Level
Intermediate
CPE Field of Study
Tax
2
Who Should Attend

CPAs in public accounting

Prerequisites

None.

Advanced Preparation

None.

Purchase Now
When
Available 24/7
Location
Online
Total CPE Credits
2
Format
On-Demand

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Tax Accounting for Inventories (On-Demand) 2020v2


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