The ongoing controversy over whether a taxpayer’s overstatement of basis triggers a six-year statute of limitation period ... The IRS argued that this amounted to an omission from gross income and ...

The IRS on Wednesday released final regulations defining an omission from gross income for purposes of the six-year minimum period for assessment of tax attributable to partnership items and the ...

Some say plenty, others less so. Is it, so to speak, a case of gross overstatement or gross understatement? The question boils down to two things: the size of redemptions from Pimco as a result of ...

Inventory is an asset held by a business for sale, and it adds to the total capital of a business. The control of your inventory is an important aspect of managing the finances of a business.

This has the effect of lowering gross profit. Advanatages & Disadvantages ... Under the LIFO method of inventory valuation, an overstatement of the number of units sold means the value of the ...