Alabama Administrative Code
Title 810 - ALABAMA DEPARTMENT OF REVENUE
Chapter 810-3-11 - INVENTORY
Section 810-3-11-.01 - Inventory Procedures
Universal Citation: AL Admin Code R 810-3-11-.01
Current through Register Vol. 42, No. 11, August 30, 2024
When the production, purchase, or sale of merchandise is an income producing factor, inventories at the beginning and ending of each taxable year are necessary in order to correctly compute income. In these cases, inventories shall be taken, computed and used in accordance with the methods prescribed or permitted by the Internal Revenue Service pursuant to 26 U.S.C. §§ 263A, 471, 472 and 474 and regulations thereunder.
Authors: Ewell Berry, Ann F. Winborne, CPA, Ed Cutter, CPA
Statutory Authority: Code of Ala. 1975, §§ 40-2A-7(a)(5), 40-18-11.
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