Form Application To Use LIFO Inventory Method
Form 970(Rev. November 2012) Department of the Treasury Internal Revenue Service Application To Use LIFO Inventory Method Attach to your tax return. Information about Form 970 and its instructions is at OMB No. 1545-0042 Attachment Sequence No. 122Name of filer (name of parent corporation if a consolidated group) (see instructions) Filer s identification number (see instructions) Name of applicant(s) (if different from filer) and identification number(s) Part I Statement of Election under Section 472 Yes No 1 The applicant elects to use the LIFO Inventory Method for the tax year ending (enter month, day, year) for the following goods (enter here): See instructions and attach a statement if necessary. 2 In an attached statement, identify and describe the Inventory Method (s) used by the applicant in the prior tax year for the goods covered by this election.
analysis of all of your inventories as of the beginning and end of the first tax year the LIFO method will be used and the beginning inventory of the preceding tax year. Also, include the ending inventory reported on your tax return for the preceding tax year. See Regulations sections 1.472-2 and 1.472-3 for more details on preparing this analysis.
Download Form Application To Use LIFO Inventory Method
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