Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 12-23-2013, 09:42 AM
Junior Member
 
Join Date: Dec 2013
Posts: 1
Change in inventory method for car dealership

Hello Sirs,

What are the tax implications for changing a car dealerships inventory method from the Lifo method to the Fifo method? Can the tax implication be spread over 10 years?

Is their any information available regarding the sale of a car dealership being sold? What is the impact of the Lifo reserve on the sale of the car dealership?

Lastly, is their any research material available for the sale of a corporation car dealership that has multiple dealerships? I would like to know what happens when select car dealerships are sold and others dealerships remain with the corporation. Do the Lifo reserves stay retained with the remaining car dealerships? I had previsously posted this thread before and got a response. However, someone deleted the thread before I could read the response.

Ryan Woolslayer


Last edited by rwoolslayer : 12-23-2013 at 09:45 AM.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Wrong depreciation method used on roof BA232 Rental Real-Estate 1 02-07-2013 01:26 PM
How to figure value of inventory not purchased in 2009 shawal Miscellaneous 0 04-08-2010 04:45 PM
which method to calc basis? taxnewb Capital Gains 1 04-02-2009 02:37 AM
What requirements have to be met to use an Installment Method of reporting? TaxGuru Capital Gains 0 01-05-2009 12:45 PM
What method is used to write-off software used in business? Majid Depreciation 0 03-03-2008 12:42 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.