Screen 970 - Application to Use LIFO Method (1120)

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Statement of Election Under Section 472

Filing amended return to make the election
Enter
X
to amend the tax return to adopt the LIFO inventory method. The application prints "FILED PURSUANT TO SECTION 301.9100-2" at the top of Form 970.

LIFO Inventory Requirements

In the event of an IRS audit, does applicant agree to adjust the tax return to clearly reflect income?
If this question is answered No, you are not eligible to use the LIFO inventory method.

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