Reports of the United States Tax Court, Volume 126The Court, 2006 |
From inside the book
Results 1-5 of 23
Page 322
... LIFO inventory , omitted a step required by that method . Held , R's revaluations of the corporations ' inventories , to cor- rect for the accountant's omissions , constituted changes in a method of accounting employed by the ...
... LIFO inventory , omitted a step required by that method . Held , R's revaluations of the corporations ' inventories , to cor- rect for the accountant's omissions , constituted changes in a method of accounting employed by the ...
Page 324
... LIFO , it is assumed that the last goods acquired or produced are the first goods sold.4 Id . We are concerned here with certain aspects of LIFO . 3 FIFO is authorized by sec . 1.471-2 ( d ) , Income Tax Regs . , and LIFO is authorized ...
... LIFO , it is assumed that the last goods acquired or produced are the first goods sold.4 Id . We are concerned here with certain aspects of LIFO . 3 FIFO is authorized by sec . 1.471-2 ( d ) , Income Tax Regs . , and LIFO is authorized ...
Page 325
... LIFO method similarly : " The objective of the LIFO method is to match relatively current costs against current revenues to compute a meaningful gross profit . " Gertzman par . 7.02 [ 1 ] , at 7-4 . Gertzman posits that businesses have ...
... LIFO method similarly : " The objective of the LIFO method is to match relatively current costs against current revenues to compute a meaningful gross profit . " Gertzman par . 7.02 [ 1 ] , at 7-4 . Gertzman posits that businesses have ...
Page 326
... LIFO reflects the lower prices of antecedent purchases ( rather than the higher price of current purchases ) , the income tax advantage of LIFO is obvious : a reduction in current income , leading , generally , to a reduction in current ...
... LIFO reflects the lower prices of antecedent purchases ( rather than the higher price of current purchases ) , the income tax advantage of LIFO is obvious : a reduction in current income , leading , generally , to a reduction in current ...
Page 327
... LIFO Inventories Gertzman explains the dollar - value method as follows : Under the dollar - value method , the common denominator for measuring items within a pool is not units , such as pounds or yards , but dollars as of a particular ...
... LIFO Inventories Gertzman explains the dollar - value method as follows : Under the dollar - value method , the common denominator for measuring items within a pool is not units , such as pounds or yards , but dollars as of a particular ...
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9th Cir adjustments Admin administrative affd amended amount Anglo-Am Antarctica Appeals officer apply assessment Brand X capital loss Chevron claim closing agreement coal Commis Commissioner community property laws computation Congress conservation easement Court of Appeals December 31 deficiency notice Direct Tea Trading disputed regulations election entitled Fairfax County Federal income tax Federal tax foreign corporation GATT rate Grist Mill property gross income hearing Income Tax Regs income tax return Internal Revenue Code Internal Revenue Service interpretation issue jurisdiction Lee Ranch legislative history levy LIFO limited majority mark-to-market ment method of accounting Natl notice of determination ous payment 99.00 overpayment interest parties petition petitioner petitioner's Planegger Proced provides real property reasonable refund relevant text relief Rept request respondent respondent's Revenue Act rule Secretary section 233 sioner spouse Stat statute statutory Subsequent miscellane supply contracts supra T.C. Memo Tax Court tax lien taxpayer tion United Zapara