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Low Commodity Prices and the Potential Revenue Impact of Taxing LIFO Reserves
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|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.title||Low Commodity Prices and the Potential Revenue Impact of Taxing LIFO Reserves|
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08 Taxation (Tax)|
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