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October 2009
LIFO for Wineries: Here Today, Gone Tomorrow?
In looking at the future of LIFO, there are three reasons to be concerned about its future viability.
by Jeff Gutsch
The future of one of the few remain­ing tax advantages for manufacturers, distributors and retailers in general and wineries, in particular, may be in doubt. The inventory costing method, Last-in-First-Out (LIFO) is currently facing challenges on multiple fronts. Many wineries have used this inventory costing method to successfully defer taxes on their gross profit related to bulk and bottled wine sales for decades. This tax deferral essentially amounts to an interest free loan from the fede...
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