Title 26 Part 1 → §1.472-4

Title 26 → Chapter I → Subchapter A → Part 1 → §1.472-4

Electronic Code of Federal Regulations e-CFR

Title 26 Part 1 → §1.472-4

e-CFR data is current as of September 19, 2019

Title 26Chapter ISubchapter APart 1 → §1.472-4

Title 26: Internal Revenue

§1.472-4   Adjustments to be made by taxpayer.

A taxpayer may not change to the LIFO method of taking inventories unless, at the time he files his application for the adoption of such method, he agrees to such adjustments incident to the change to or from such method, or incident to the use of such method, in the inventories of prior taxable years or otherwise, as the district director upon the examination of the taxpayer's returns may deem necessary in order that the true income of the taxpayer will be clearly reflected for the years involved.

[T.D. 6500, 25 FR 11730, Nov. 26, 1960]