LIFO_recapture

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

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

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....
View Full Document

Ask a homework question - tutors are online