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Change in inventory method for car dealership?
Hello Sirs,
What are the tax implications for changing a car dealerships inventory method from the Lifo method to the Fifo method? Can the tax implication be spread over 10 years?
Is their any information available regarding the sale of a car dealership being sold? What is the impact of the Lifo reserve on the sale of the car dealership?
Lastly, is their any research material available for the sale of a corporation car dealership that has multiple dealerships? I would like to know what happens when select car dealerships are sold and others dealerships remain with the corporation. Do the Lifo reserves stay retained with the remaining car dealerships?
Ryan Woolslayer
Hello Sirs,
What are the tax implications for changing a car dealerships inventory method from the Lifo method to the Fifo method? Can the tax implication be spread over 10 years?
Is their any information available regarding the sale of a car dealership being sold? What is the impact of the Lifo reserve on the sale of the car dealership?
Lastly, is their any research material available for the sale of a corporation car dealership that has multiple dealerships? I would like to know what happens when select car dealerships are sold and others dealerships remain with the corporation. Do the Lifo reserves stay retained with the remaining car dealerships?
Ryan Woolslayer
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