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.