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inventory accounting |
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| On behalf of Tax Executives Institute (TEI), I am writing to urge that the Last-In, First-Out (LIFO) inventory accounting method be retained as part of the Internal Revenue Code. 93 TC 500 (1989), which held that a taxpayer could not change its consistently used inventory accounting method without the IRS's consent, even though the method used was "flawed. Again, SOP 98-5 is not intended to override an entity's inventory accounting policy. |
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