In the Case of a Taxpayer Who Uses the Lower-Of-Cost-Or-Market

question 75

Multiple Choice

In the case of a taxpayer who uses the lower-of-cost-or-market inventory method:

• A) Either FIFO or LIFO can be used.
• B) Excess inventories can be written-off in the year the company decides the goods are overstocked.
• C) "Market" means the replacement cost of the goods.
• D) Only a. and b. are correct.
• E) a., b., and c. are correct.

---

Definitions:

Action Steps

Specific measures or strategies taken to achieve a particular goal or to address an issue.

Co-occurring Disorders

The simultaneous presence of two or more disorders, often a combination of mental health and substance use disorders, in an individual.

Integrated Substance Abuse

A comprehensive approach to address substance abuse through the coordination of therapy and support services across multiple sectors.

Co-occurring Disorders

The presence of two or more disorders or illnesses occurring in the same person, simultaneously or sequentially, with each potentially exacerbating the other.