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Introduction to Section 263A: Uniform Capitalization of Inventory (I263)

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    Not Yet Rated
  • Field of Study
    Taxes
  • Level
    Advanced
  • Credits
    2
  • Qualifies for

    IRS CPE

Overview

Determining which costs should be included in inventory and cost of goods sold has been a continuing issue between taxpayers and the IRS for decades. Section 263A, the Uniform Capitalization Rules, provides standards regarding the capitalization of expenditures for manufacturers and large resellers. Each tax return, from the Form 1040, Schedule C to the Form 1120 where a taxpayer has inventories has a schedule where ending inventory must be calculated—and that calculation will reflect the Section 263A rules. This program discusses Section 263A principles as they must be applied on almost all business income tax returns with inventories.

Major Topics:

  • What types of taxpayers are subject to the Section 263A rules?
  • Costs that must be capitalized under the Section 263A rules
  • Methods used to apply overhead costs to inventory
  • The relationship between the Section 263A rules and the new regulations under Section 162 and Section 263

Learning Objectives

  • Identify the costs that were capitalized under the pre-Section 263A rules and the additional costs that need to be capitalized under Section 263A
  • Understand the process of allocating the additional Section 263A costs to ending inventory
  • Determine which taxpayers are subject to the Section 263A cost capitalization rules

Who should take this course:

Designed for:

CPAs with manufacturing clients and for those CPAs with large retail clients.

Prerequisite:

A basic understanding of deductible business related expenses

Advanced Preparation:

None

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