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inventories are recorded using LIFO (last-in-first-out) method of accounting). In addition, for tax purposes some expenses must be capitalized using the UNICAP rules. In the
"inventories are recorded using LIFO (last-in-first-out) method of accounting). In addition, for tax purposes some expenses must be capitalized using the UNICAP rules. In the last fiscal year, $200,000 were capitalized for tax; in the current fiscal year, UNICAP mounted to $275,000. Assume that all inventory turns over more than once per year."
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South Western Federal Taxation 2015 Essentials Of Taxation Individuals And Business Entities
Authors: James Smith, William Raabe, David Maloney, James Young
18th Edition
9781285438290, 1285439740, 1285438299, 978-1285439747
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