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INCOME TAX

Internal Revenue Bulletin 1997-41 · 2026-10-03 edition · updated 2026-10-04 · United States

Rev. Rul. 97–42, page 4. Last-in, first-out inventories, automobile dealers. A franchised automobile dealer that elected the LIFO inventory method violates the LIFO conformity requirement of section 472 of the Code by providing to the credit subsidiary of its franchisor an income statement that fails to reflect the LIFO inventory method in the computation of net income.

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▸Contents — Internal Revenue Bulletin 1997-41

Internal Revenue Bulletin 1997-41

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