The FIFO and LIFO valuation methods are examples of accounting principles that measure the value of inventory. FIFO and LIFO value inventory very differently, so the same inventory can have different ...

The Tax Court held that a business taxpayer’s automatic consent request to change from the last-in, first-out (LIFO) inventory method failed due to defects in its Form 3115, Application for Change in ...

Learn how the lower of cost or market (LCM) method helps value inventory accurately by using the lesser of historical cost or market value, key for GAAP compliance.

WASHINGTON — Despite bipartisan efforts in the House and Senate, new-car dealers looking to Congress for legislation on LIFO tax relief may need to wait until next year. The nearly $1.7 trillion ...