White House Deficit Commission Targets the use of the LIFO Method of Valuing Inventories for Tax Purposes

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Via the Wall Street Journal

A 2008 AICPA survey found that 36% of US companies use the Last-In-First-Out, or LIFO method to value some of their inventories, which can result in a deferral of taxes.  The report recently issued by the White House’s deficit commission has suggested the elimination of the LIFO method as a tactic to help raise tax revenue.

The Wall Street Journal has posted a great article summarizing the issue here.

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