Get the POWER of PRO!
Support Center > Knowledge base> Article: Schedule C - Inventory

Schedule C - Inventory

Article ID: 33810 Email Print
Question
Schedule C - Inventory

Answer

Line 33 Your inventories can be valued at cost, the lower of cost or market, or any other method approved by the IRS. However, you are required to use cost if you are using the cash method of accounting.

Line 35
If you are changing your method of accounting beginning with 2014, refigure last year's closing inventory using your new method of accounting and enter the result on line 35. If there is a difference between last year's closing inventory and the refigured amount, attach an explanation and take it into account when figuring your section 481(a) adjustment. For details, see the example under Line F, earlier.


related articles

Article Details
Views: 638 Created on: Jun 15, 2013
Date updated: Sep 16, 2015

Poor Outstanding