Vehicle Pool Benefits & Opportunities

IRS reverses course on dealership LIFO pooling after three decades Revenue Procedure 2008-23 - Vehicle Pool Method
Confusion over which LIFO pool SUVs, mini-vans, and crossovers should be included in is finally over. With the release of Rev. Proc. 2008-23, auto dealerships may now group all light-duty vehicles (cars, trucks and crossovers) in one LIFO pool.
This new pooling method should help prevent dealerships from liquidating LIFO layers if the recent shift to selling more crossover vehicles and trucks reverses itself and dealerships return to selling more cars.
Can potentially increase the LIFO benefit in the year of change and future years especially when dealerships have measurable swings in car and truck inventories due to cyclical and model demand.
CPA and Dealership Opportunities:

Why Accounting Firms & Dealerships Are Choosing SourceHOV | Tax:

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