Federal Income Taxation of Inventories

Definitive analyses of every aspect of inventory taxation.

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Print Book:3 volumes, loose-leaf, updated semi-annually
ISBN: 9780820513041
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ISBN: 9781579112042
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ISBN: 9781579112042
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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