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Income Taxes › Inventory

Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect... more +
Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -
Miller Canfield

Pending Legislation Would Recover Tax Paid by New Car Dealers

Miller Canfield on

Key Takeaways - ..New motor vehicle dealers should consider including a tax-saving contingency in their cash plans for pending federal income tax legislation affecting inventory accounting. ..If enacted, dealers using...more

Miles & Stockbridge P.C.

Debt Secured by Inventory Real Property is Not QRPBI

Miles & Stockbridge P.C. on

In the recently released Revenue Ruling 2016-15, the IRS determined that discharge of debt income generated by the forgiveness of debt secured by real property constituted excludable qualified real property business...more

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