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Law Offices of Donald A. Barnes, PLLC
818 Connecticut Avenue, N.W., Suite 1200
Washington, DC 20006
Telephone: (202) 728-4407
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LIFO Inventories

Both at the IRS National Office and in private practice, I have handled a number of matters involving LIFO inventories, including initial LIFO elections, analysis of the most advantageous LIFO sub-methods for companies, bargain purchases, components-of-cost and recapture of LIFO reserves.

On behalf of a national trade association, I successfully persuaded Treasury and the Service to permit distributors of construction and agricultural equipment to value their ending inventories at current replacement cost under certain circumstances. See Rev. Proc. 2006-14.

Since 2000, I have had a strategic alliance with LIFO Systems and have evaluated the advantages and disadvantages of electing the LIFO method for hundreds of companies.