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III.

DEALER TAX WATCH

INDEX OF ARTICLES: JUNE, 1994 - DECEMBER, 2009

PAGE 34

USED VEHICLES & BUY-HERE, PAY-HERE (BHPH) DEALERS

ACCOUNTING METHODS & ISSUES - LOWER OF COST OR MARKET (LCM) WRITEDOWN VALUATIONS

2009 NADA Convention … Dealer Tax Update by the IRS MVTA*

Used Vehicle Writedowns.............................................................................................Mid-Year, 2009 .........pg. 14 West Covina Motors, Inc. … Aggressive Dealership Deductions Disallowed*

Used Vehicle (Lower-of-cost-or-Market) Writedowns.................................................Mid-Year, 2009 .........pg. 28

W e Automotive Alert Tax Court Rules on Inventory Writedowns: s t C o v i n a M o t o r s , I n c . ( J a n u a r y 2 0 0 9 ) ..............................................................

..

M i d - Y e a r , 2 0 0 9

.........

p g . 3 6

Determining the Cost Basis for Trade-Ins (IRS Retail Industry Audit Technique Guide).......... Trade-In Valuation and LCM Adjustments (IRS Retail Industry Audit Technique Guide) ....... Used Vehicle Writedown Worksheet ........................................................................ PG.

..Mid-Year, 2009 .........pg. 38 ..Mid-Year, 2009 .........pg. 39 ..Mid-Year, 2009 .........pg. 40

Revised Procedures for Securing Automatic Consent from the IRS to Make Changes

in LIFO and Other Methods of Accounting (Rev. Proc. 2008-52)* ........................... Section-by-Section Analysis ....................................................................................... Automatic CAMs Related to Changes in the Official Used Vehicle Guide Utilized in Valuing Used Vehicles ........................................................................ Used Car Write-Downs (IRS Industry Specialist Update)*.............................................. IRS Concedes Used Car Write-Downs at Year-End to Industry Book Value ..................

..Year-End, 2008..........pg. 14 ..Year-End, 2008..........pg. 24

..Year-End, 2008..........pg. 36 ..December, 1999.........pg. 4 ..September, 1999 ........pg. 2

ACCOUNTING METHODS & ISSUES - OTHER ISSUES

Best Auto Sales Fails to Apply Best Tax Practices

… Sloppy Recordkeeping Defeats Used Car Dealer & Forfeits Deductions .............. PPC’s Specialized Industry Tax Guide, Chapter 8, Used Car Dealers’

..March, 2003...............pg. 14

Tax & Accounting Problems ....................................................................................... Cordes Finance Loses Big Time to the IRS…Supreme Court Denies Certiorari*.......... IRS Change in Cordes Finance Corporation’s Accounting for Interest Income

..December, 1999.........pg. 2 ..September, 1999 ........pg. 3

& $300,000 Underpayment Penalty Upheld by Tenth Circuit Court of Appeals*...... IRS Changes RFCs Accounting for Interest Income in Cordes Finance Corp.* ............. BHPH Dealer Must Inventory Used Vehicles: Securities Dealer, Auto Dealer,

..December, 1998.........pg. 23 ..June, 1997..................pg. 22

or Both? … Possible Section 475 Application … LTR 9723004* .............................

..June, 1997..................pg. 18

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