Source Advisors LIFO Accounting, which stands for Last In First Out, is an accounting method that assumes the most recently acquired inventory items are sold first. This practice can be seen in a ...
With 2021 just ended, many dealers are rubbing their hands in delight over their supersized operating profits while scratching their heads over what to do about last in, first out (LIFO) recapture as ...
The Tax Court held that a business taxpayer’s automatic consent request to change from the last-in, first-out (LIFO) inventory method failed due to defects in its Form 3115, Application for Change in ...
The impact of reduced new-vehicle inventories and the resulting LIFO recapture continues to be a major concern for dealers. The National Automobile Dealers Association has been very active for more ...
The Sixth Circuit Court of Appeals recently upheld a Tax Court finding that the consistent omission of a step when computing inventory cost under the dollar-value ...
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AutoZone Q4 Profits Fall Short as LIFO Charge Pressures Margins
AutoZone, Inc. (NYSE:AZO) reported fourth-quarter earnings that missed analyst forecasts, as a substantial LIFO accounting ...
To many a U.S. corporation, LIFO is a magic formula in times of inflation. It cuts their profits for tax purposes without taking a penny out of their coffers. Under LIFO—pronounced lie-fo and standing ...
NORTH COAST -- The IRS has proposed a resolution to a yearlong debate with accountants for more than two dozen North Coast wine companies caught in an audit sweep over common industry inventory ...
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