Tax Accounting for Inventories

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. TOPICS DISCUSSED  263A 2.0  FIFO, LIFO, average  Lower of cost or market


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.

Additional Information

Designed For

Tax professionals in public accounting or within corporate finance or tax departments


American Institute of CPAs


Three to five years of tax experience

Field of Study


Course Number


Level of Knowledge


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