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Unfortunately, it eliminates the only judicial support for using the LIFO method to defer gain associated with the bargain purchase of inventory.
And earlier this year, a representative from Consumer Reports, which publishes an annual automobile-buying guide, found that buyers who bone up and bargain hard can shave hundreds, even thousands, off the sticker price.
In 1982, the Board ruled that the hospital must bargain with the union.
In September 1995, the IRS's Industry Specialization Program issued a cross-industry coordinated issue paper tided "Dollar-Value LIFO Bargain Purchase Inventory Issues" the analysis and conclusions of which follow the Tax Court's holding in Hamilton Industries.
Under the Claims Court's decision, the taxpayer's basis in the bargain-purchased goods is stepped up from the bargain purchase price to the replacement cost of subsequently purchased items.
Physician executives may be reluctant to bargain in upward influence situations because they may consider it inappropriate in superior/subordinate relationships for subordinates to initiate an exchange of benefits and favors.
Taxpayers may not use the LIFO method to preserve the tax benefit of a bargain purchase of inventory by treating each inventory item so purchased as identical to inventory subsequently acquired or produced, according to the Federal Circuit (Kohler Co.