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A
aarora
Level 3
June 14, 2021
Question

Selecting inventory methods on Initial tax return

  • June 14, 2021
  • 6 replies
  • 28 views

How can I elect to use FIFO method of inventory cost flow on my initial 1120 or 1120S?

This topic has been closed for replies.

6 replies

sjrcpa
sjrcpa
Level 15
June 14, 2021

I believe FIFO is the default, not an election.

The more I know the more I don’t know.
    A
    aaroraAuthor
    Level 3
    June 14, 2021

    Thanks! Will you know how do I select another methods i.e. 'Specific Identification Method' that is listed in Pub 538? I believe IRS allows weighted average method as well

    qbteachmt
    qbteachmt
    Level 15
    June 15, 2021

    "how do I select another methods"

    Have you read the instructions here?

    https://www.irs.gov/forms-pubs/about-form-970

     

     

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