In determining taxable income,"market" for purposes of applying the lower of cost or market method means the price at which the taxpayer can sell the inventory item.

Name: In determining taxable income,"market" for purposes of applying the lower of cost or market method means the price at which the taxpayer can sell the inventory item.
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Question

Quizplus · Accepted Answer

The "market" in the lower of cost or market method refers to the replacement cost of the inventory item, not the selling price.

In Determining Taxable Income,"market" for Purposes of Applying the Lower