LIFO_recapture - account only to the extent provided in...

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Sec. 312. LIFO and the effect on Earnings & Profits 312(n)(4) LIFO INVENTORY ADJUSTMENTS. – 312(n)(4)(A) IN GENERAL. --Earnings and profits shall be increased or decreased by the amount of any increase or decrease in the LIFO recapture amount as of the close of each taxable year; except that any decrease below the LIFO recapture amount as of the close of the taxable year preceding the 1st taxable year to which this paragraph applies to the taxpayer shall be taken into
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Unformatted text preview: account only to the extent provided in regulations prescribed by the Secretary. 312(n)(4)(B) LIFO RECAPTURE AMOUNT. --For purposes of this paragraph, the term "LIFO recapture amount" means the amount (if any) by which – 312(n)(4)(B)(i) the inventory amount of the inventory assets under the first-in, first-out method authorized by section 471 , exceeds 312(n)(4)(B)(ii) the inventory amount of such assets under the LIFO method....
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This note was uploaded on 09/09/2011 for the course TAX 5015 taught by Professor Kelliher,c during the Spring '08 term at University of Central Florida.

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