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A
aarora
Level 3
June 14, 2021
Question

Selecting inventory methods on Initial tax return

  • June 14, 2021
  • 1 reply
  • 15 views

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

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1 reply

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

    sjrcpa
    sjrcpa
    Level 15
    June 14, 2021

    No. I haven't had a new business with inventory in years.

    The more I know the more I don’t know.
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