Automobile dealers' LIFO conformity. (last-in, first-out inventory accounting): An article from: The Tax Adviser

by Frank Devlin

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This digital document is an article from The Tax Adviser, published by American Institute of CPA's on March 1, 1996. The length of the article is 500 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: The IRS has indicated that it considers 12 monthly statements prepared by an automobile dealer on a FIFO basis to be a conformity violation that could lead to the termination of the LIFO election. The IRS has also found that estimating the LIFO adjustment at any point and showing a LIFO adjustment as an other deduction can be a conformity violation as well. Automobile dealers and their tax advisers should review financial reports with an eye to scrutinizing inventory reporting in the twelfth month statement.

Citation Details
Title: Automobile dealers' LIFO conformity. (last-in, first-out inventory accounting)
Author: Frank Devlin
Publication: The Tax Adviser (Magazine/Journal)
Date: March 1, 1996
Publisher: American Institute of CPA's
Volume: 27 Issue: n3 Page: 134(2)

Distributed by Thomson Gale

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