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Learn moreIRS practice unit: Lower of cost or market (LCM)
IRS examiner “job aides” and training materials intended to describe for IRS agents leading practices about tax concepts
The IRS Large Business and International (LB&I) division publicly released a “practice unit”—part of a series of IRS examiner “job aides” and training materials intended to describe for IRS agents leading practices about tax concepts in general and specific types of transactions.
The title of the “concept” unit (as referred to by the IRS) is:
- Lower of Cost or Market (LCM)
The concept unit is available on the IRS practice unit webpage (dated June 7, 2024) and applies to taxpayers engaged in the sale of inventory.
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