Federal Income Taxation of Inventories
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The definitive Federal Income Taxation of Inventories analyzes every aspect of inventory taxation, including valuation of goods, UNICAP rules, LIFO inventories, what must be included in inventory for tax purposes, and more. Inside you'll find relevant Code and regulations sections, revenue rulings and procedures, letter rulings, general counsel memoranda, and sample filled-in forms, plus:
• Extensive coverage of the uniform capitalization rules
• Scores of tax planning ideas and suggestions essential to the profitable management of any business
• Numerous computational examples and case histories
• Thorough treatment of the full absorption election, and inventory calculation methods to meet any kind of inventory situation
• Expert analysis supported by citations to all pertinent primary sources
Also available on Authority Tax & Estate Planning Law Library CD-ROM.
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Table of contents
Chapter 1: The Need for Inventories
Chapter 2: When Goods Are Included in Inventory -- The Flow of Goods and Costs
Chapter 3: Methods of Inventory Valuation -- General Principles
Chapter 4: Uniform Capitalization Rules -- Background and Substantive Rules
Chapter 5: Uniform Capitalization Rules -- Allocation Methods -- Transition Procedures -- Long-Term Contracts -- Computation of Cost of Goods Sold
Chapter 6: Inventory Valuation -- Subnormal Goods
Chapter 7: Inventory Valuation -- Lower of Cost or Market
Chapter 8: Inventory Valuation Methods -- Specialized Industries
Chapter 9: LIFO -- Background and History
Chapter 10: LIFO -- Adoption and Termination -- Economic Considerations and Procedural Aspects
Chapter 11: Adoption of LIFO -- Substantive Requirements
Chapter 12: Specific Goods LIFO
Chapter 13: Dollar-Value LIFO -- General Concepts and Methods of Pooling
Chapter 14: Methods of Pricing Dollar-Value LIFO Inventories
Chapter 14A: Retail and Simplified LIFO Pricing
Chapter 15: Dollar-Value LIFO -- Methods of Valuing Increments
Chapter 16: LIFO Method Changes
Chapter 17: Transfer of Inventories
Appendix I: 1986 Code Provisions -- Inventories
Appendix II: Income Tax Regulations -- Inventories
Appendix IIA: Notices -- Inventories
Appendix III: IRS Administrative Pronouncements
Appendix III: IRS Administrative Pronouncements (continued)
Appendix IIIA: IRS Letter Rulings -- Pre-November 1, 1976 Requests
Appendix IIIB: General Counsel Memoranda
Appendix IV: Sample LIFO Election and Accounting Method Change Election
Appendix V: Internal Revenue Manual -- Inventories