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Screen 3115-4 - Change Within LIFO Inventory Method (1040)
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General LIFO Information
Enter information in this section to complete Form 3115, Schedule C, Part I.
Valuing inventory
Enter a description of the applicant's present and proposed LIFO methods and submethods for valuing inventory.
Pooling
Enter a description of the applicant's present and proposed LIFO methods and submethods for pooling.
Pricing dollar-value pools
Enter a description of the applicant's present and proposed LIFO methods and submethods for pricing dollar-value pools.
Figuring the cost of goods in closing inventory...
Enter a description of the applicant's present and proposed LIFO methods and submethods for determining the current-year cost of goods sold in ending inventory.
Explanation if present method is not the same as indicated on Form 970
Use the attached statement to provide an explanation for any present method or submethod that is not the same as the method or submethod indicated on Form 970.
Specify inventory to which proposed change is/is not applicable...
Use the attached statement to specify the inventory to which the change is and is not applicable if the proposed change is not being requested for all LIFO inventory.
Specify LIFO pools to which change is not applicable
Use the attached statement to specify the LIFO pool(s) to which the change is and is not applicable if the proposed change is not being requested for all of the LIFO pools.
LIFO inventory that is valued at a method other than cost
Use the attached statement to indicate whether the applicant values any LIFO inventory on a method other than cost.
Change in Pooling Inventories
Enter information in this section to complete Form 3115, Schedule C, Part II.
If proposing to change pooling method...
Use the attached statement to enter a description of the contents of, and base year for, each dollar-value pool the applicant presently uses and proposes to use.
Describe type of products produced
If proposing to use NBU pools or requesting to change the number of NBU pools, enter a description of the types of products produced by the applicant.
Describe types of processes and raw materials...
If proposing to use NBU pools or requesting to change the number of NBU pools, enter a description of the types of processes and raw materials used to produce the products in each proposed pool.
If not all products are at one facility...
If proposing to use NBU pools or requesting to change the number of NBU pools, and all of the products to be included in the proposed NBU pool are not produced at one facility, enter the reasons for the separate facilities, including the location of each facility and a description of the products each facility produces.
Description of natural business divisions adopted by taxpayer
If proposing to use NBU pools or requesting to change the number of NBU pools, enter a description of the natural business divisions adopted. State whether separate cost centers are maintained and if separate profit and loss statements are prepared.
Inventories of items purchased and held for resale...
If proposing to use NBU pools or requesting to change the number of NBU pools, indicate whether the applicant has inventories of items purchased for resale that are not further processed by the applicant, including whether such items, if any, will be included in any proposed NBU pool.
All items entering into entire inventory investment...
If proposing to use NBU pools or requesting to change the number of NBU pools, indicate whether items entering into the entire inventory investment for each proposed NBU pool are presently valued under the LIFO method. Describe items not presently valued under LIFO that are to be included in each proposed pool.
Address whether, within the proposed NBU pools, there are items sold...
If proposing to use NBU pools or requesting to change the number of NBU pools, indicate whether within the proposed NBU pools, there are items both sold to unrelated parties and transferred to a different unit to be used as a component part of another product prior to final processing.
If engaged in manufacturing and proposing to use multiple pooling...
If the applicant is engaged in manufacturing and is proposing to use the multiple pooling method or raw material content pools, indicate that each proposed pool will consist of a group of items that are substantially similar.
If engaged in wholesale or retailing of goods...
If the applicant is engaged in the wholesaling or retailing of goods and is requesting to change the number of pools used, indicate each of the proposed pools is based on customary business classifications of the trade or business.