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Cost or Market, Whichever is Lower |
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Cost or Market, Whichever is Lower This phrase is used in reference to inventory valuations. Most taxpayers prefer to use "cost or market, whichever is lower" as a basis for valuing their inventories because this method affords an opportunity to take advantage of a drop in the market so that profits can be reduced accordingly before disposition of the goods. If "cost" only is used, a drop in the market cannot affect the income until the merchandise is sold. Either method is acceptable, but the one adopted must be followed unless the IRS grants permission for a change. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| If not, retirement portfolios should be valued like other inventories of things held for resale -- at cost or market, whichever is lower. |
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