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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. Course materials will include the impact of the Tax Cuts and Jobs Act of 2017 (TCJA) tax reform law.
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
263A 2.0
FIFO, LIFO, average
Lower of cost or market
3-5 years of tax experience
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