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Webcast: Tax Accounting for Inventories (WBTAI216)
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8/3/2016
When: 08/03/2016
12:00 PM until 2:00 PM
Where: Webcast
AICPA
1170425:7F32452F154222ACBAE06DA43D1149DD
United States
Presenter: J. William Harden, PhD, CPA, ChFC


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Acronym WBTAI216
CPE 2 hours
Vendor AICPA
Category
TX
Level Intermediate
Prerequisite Three to five years of tax experience.
Who should attend Tax professionals in public accounting: seniors, supervisors, and managers
Members $99
CPA Non-Members $129

The Member rate applies to LCPA members, reciprocal state society members, and non-CPA staff of LCPA members. To register online, use the ‘Register’ button above. To register by phone, call the LCPA Member Service Center at 800.288.5272 or 504.464.1040, Monday through Friday, 8am to 5pm.

Description

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.

Objectives

When you complete this course you will be able to:

  • 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

Topics

  • 263A 2.0

  • FIFO, LIFO, average

  • Lower of cost or market

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