bulletin Internal Revenue›Rev. Proc. 90-63, 1990-2 C.B. 664, is
SECTION 10. LAST-IN, FIRST-OUT
Internal Revenue Bulletin 1997-33 · 2026-10-03 edition · updated 2026-10-04 · United States
(LIFO) INVENTORIES (§ 472) . . . . . 39
.01 Change from the LIFO inventory
.01 Claiming less than the
depreciation or amortization allowable . . . . . . . . . . . . . . . . . 30 (1) Description of change . . . . 30 (2) Scope . . . . . . . . . . . . . . . . . 30 (3) Taxpayer with under- and over-depreciated properties . . 31 (4) Additional requirements . . 31 (5) Section 481(a) adjustment . 32 (6) Basis adjustment . . . . . . . . 32 (7) Meaning of depreciation allowable . . . . . . . . . . . . . . . . . 32 .02 Permissible to permissible
method of accounting for depreciation. . . . . . . . . . . . . . . 32 (1) Description of change . . . . 32 (2) Scope . . . . . . . . . . . . . . . . . 32 (3) Changes covered . . . . . . . . 33 (4) Additional requirements . . 33 (5) Section 481(a) adjustment . 33 .03 Sale or lease transactions . . . . 33
(2) Section 481(a) adjustment . 36 (3) Change to a special method of accounting. . . . . . . . . . . . . . 37 .02 Multi-year service warranty
contracts . . . . . . . . . . . . . . . . . 37 (1) Description of change and scope . . . . . . . . . . . . . . . . . . . . 37 (2) Manner of making the change . . . . . . . . . . . . . . . . . . . 37 .03 Multi-year insurance policies for
multi-year service warranty contracts — Description of change and scope . . . . . . . . . . 37 (1) Applicability . . . . . . . . . . . 37 (2) Inapplicability . . . . . . . . . . 37 (3) Description of method . . . . 37
(1) Description of change and scope . . . . . . . . . . . . . . . . . 33 (2) Manner of making the change . . . . . . . . . . . . . . . . . . . 34 (3) No audit or ruling protection . . . . . . . . . . . . . . . . 34
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