Inventory

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Inventory

An itemized list of property that contains a description of each specific article.

Inventory of a company, for example, is the annual account of stock taken in the business, or the quantity of goods or materials in stock. The term is also used to describe a list made by the executor or administrator of the estate of a deceased individual.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

INVENTORY. A list, schedule, or enumeration in writing, containing, article by article, the goods and chattels, rights and credits, and, in some cases, the lands and tenements, of a person or persons. In its most common acceptation, an inventory is a conservatory act, which is made to ascertain the situation of an intestate's estate, the estate of an insolvent, and the like, for the purpose of securing it to those entitled to it.
     2. When the inventory is made of goods and estates assigned or conveyed in trust, it must include all the property conveyed.
     3. In case of intestate estates, it is required to contain only the personal property, or that to which the administrator is entitled. The claims due to the estate ought to be separated; those which are desperate or had ought to be so returned. The articles ought to be set down separately, as already mentioned, and separately valued.
     4. The inventory is to be made in the presence of at least two of the creditors of the deceased, or legatees or next of kin, and, in their default and absence, of two honest persons. The appraisers must sign it, and make oath or affirmation that the appraisement is just to the best of their knowledge. Vide, generally, 14 Vin. Ab. 465; Bac. Ab. Executors, &c., E 11; 4 Com. Dig. 14; Ayliffe's Pand. 414; Ayliffe's Parerg. 305; Com. Dig. Administration, B 7; 3 Burr. 1922; 2 Addams' Rep. 319; S. C. 2 Eccles. R. 322; Lovel. on Wills; 38; 2 Bl. Com. 514; 8 Serg. & Rawle, 128; Godolph. 150, and the article Benefit of Inventory.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
a taxpayer's inventoriable costs should include most costs incurred
280E, the IRS concluded that a marijuana trafficker's inventoriable costs (i.e., the costs it can deduct as cost of goods sold) should be determined under the pre-Sec.
Inventoriable costs and period costs were not differentiated in the mill trading account.
Under Treasury Regulations section 1.162-3, the cost of such inventoriable items is deductible in the later of the year in which they are consumed (or used) or the year in which the taxpayer actually pays for them.
The UICRs Category Two consists of costs that are not inventoriable. Most of the costs in Category Two will also be excluded in an ABC system, with one notable exception.
2002-28 (generally permitting qualifying small business taxpayers to treat certain otherwise inventoriable items as materials and supplies).
Thus, for taxpayers engaged in production and resale activities, many of the benefits of the proposed regulations may prove elusive, as costs seemingly deductible under the proposed regulations (for example, under the new 12-month rule) nonetheless may be treated as inventoriable production costs under the uniform capitalization rules as benefiting or being incurred by reason of production or resale activities.
In such a case, the taxpayer must treat all inventoriable items as materials and supplies not incidental under Treasury Regulations section 1.162-3.
However, costs required to be capitalized under section 1.263A-1T of the temporary regulations need not be capitalized in determining the cost of inventoriable goods in reports to shareholders, partners or other proprietors or beneficiaries.
The cost of otherwise inventoriable items that are treated as nonincidental materials and supplies is deducted in the year the small business sells the merchandise or finished goods, or in the year in which the small business actually pays for the inventoriable items, whichever is later.
Inventoriable costs is another area of difficulty in separately identifying book expense and tax deductions.