Elizabeth Stevens Explores CoGS at ABA May Meeting
Program: A Renewed Focus on CoGS
Event Sponsor: 2018 ABA Section of Taxation May Meeting
The exception for Costs of Goods Sold (CoGS) from the new Base Erosion and Anti-Avoidance Tax (BEAT) has brought a renewed interest in understanding the contours of this tax accounting concept. This panel will provide a review of BEAT, section 263A, and CoGS with focus on the mechanics of section 263A (the Uniform Capitalization rules). The panelists also will address the relevant administrative guidance, case law, and the applicability of CoGS to BEAT.