Violations of LIFO conformity rule and relief procedures under Rev. Proc. 97-44. (last in first out, IRS Revenue Procedure 97-44): An article from: The Tax Adviser

This digital document is an article from The Tax Adviser, published by American Institute of CPA's on March 1, 1998. The length of the article is 1157 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: Automobile dealers whose income statements in tax years before Oct 15, 1997 were in violation of the last-in-first-out (LIFO) IRC section 472 conformity rules may find relief from LIFO election terminations with the issuance of IRS Revenue Procedure 97-44. The procedure allows violating dealers to pay a penalty settlement amount payable in installments. Revenue Procedure 97-42 states that LIFO must be shown in net income computations.

Citation Details
Title: Violations of LIFO conformity rule and relief procedures under Rev. Proc. 97-44. (last in first out, IRS Revenue Procedure 97-44)
Author: Ann P. Servatius
Publication:The Tax Adviser (Magazine/Journal)
Date: March 1, 1998
Publisher: American Institute of CPA's
Volume: 29 Issue: n3 Page: 143(2)

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