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Low Commodity Prices and the Potential Revenue Impact of Taxing LIFO Reserves

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dc.contributor.author Tinkelman, Daniel
dc.date.accessioned 2017-12-21T21:12:30Z
dc.date.available 2017-12-21T21:12:30Z
dc.date.issued 2017
dc.identifier.uri http://hdl.handle.net/10125/51990
dc.description Inquiries about this document can be made to <a href="mailto:HARC@hawaii.edu">HARC@hawaii.edu</a>
dc.description.abstract Low commodity prices have reduced LIFO reserves, making prior estimates of reserves and the impact of eliminating LIFO obsolete. Using a combination of IRS and public company data, we estimate overall U.S. LIFO reserves and the potential tax revenue impact. At a 35% (15%) rate, taxing the 2016 LIFO reserves would yield between $19 ($8) and $25 ($11) billion. Although fewer than 1% of 2013 corporate and partnership tax returns with inventory used LIFO, LIFO inventories comprised about 14% of the dollar value of U.S. inventories. The findings are relevant to tax policy and accounting standards, and also provide context for instructors teaching about inventory methods.
dc.subject LIFO usage
dc.subject LIFO reserves
dc.subject Inventory methods
dc.title Low Commodity Prices and the Potential Revenue Impact of Taxing LIFO Reserves
Appears in Collections: 08 Taxation (Tax)


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