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3. (a) Taxpayer A, a calendar year taxpayer, purch...

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3. (a) Taxpayer A, a calendar year taxpayer, purchases steel "FOB Detroit," and tires from Akron "FOB Buyer's Warehouse". On December 28, 20X7, goods are shipped from both places and are in transit on December 31, 20X7. Are either goods included in A's inventory? (b) Suppose steel had greatly increased in price, and A purchased three times ?its normal usage in order to establish a higher LIFO base, but returned the ?steel for credit on January 15, 20X8?

 

Paper#4322 | Written in 18-Jul-2015

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