IRS REFORM
April 1st, 2002
BY PHILIP FINE
AMERICA'S National Automobile Dealers Association is applauding a ruling by the country's Internal Revenue Service that will allow car and truck dealers to use replacement cost to evaluate their year-end parts inventory.
"This is a huge victory for dealers," said Bill Newman, NADA's chief operating officer of Public and Legal Affairs, who said his organisation had spent eight years lobbying the IRS for the time and money-saving change.
The ruling effectively reverses the old IRS position that required year-end parts inventories to be ...
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