Three IRS papers on LIFO inventory. (last-in, first-out accounting): An article from: The Tax Adviser

by Robert V. Rosselli

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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 1010 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 released three papers under its Industry Specialization Program that limit certain methods of last-in, first-out (LIFO) inventory accounting. Under the first paper, it is not appropriate to apply an index based on double-extending one portion of inventory to new inventory not use in calculating the index. Bulk discounted goods should be treated as separate items in determining an annual index, according to the second paper. The third restricts the use of shortcut methods for businesses using the earliest acquisition method to price increments.

Citation Details
Title: Three IRS papers on LIFO inventory. (last-in, first-out accounting)
Author: Robert V. Rosselli
Publication: The Tax Adviser (Magazine/Journal)
Date: March 1, 1996
Publisher: American Institute of CPA's
Volume: 27 Issue: n3 Page: 136(2)

Distributed by Thomson Gale

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