In order for a taxpayer to be entitled to an inventory deduction under I.R.C. Section 170, the taxpayer must file form 8283. If no such form is filed on the required date, the taxpayer must show a good faith reason as to why the form was not filed.
A taxpayer is also entitled to enhanced deductions under I.R.C. Section 170 (e)(3) if proper valuations to property are performed.
Read more on: http://www.irs.gov/pub/irs-lafa/11381f.pdf
Posted by: E. Jazmin Antezana, Associate Editor
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