bulletin Internal Revenue›Rev. Proc. 98-60
SECTION 10. LAST-IN, FIRST-OUT
Internal Revenue Bulletin 1998-51 · 2026-10-03 edition · updated 2026-10-04 · United States
(LIFO) INVENTORIES (§ 472) . . . . . 40
(1) Description of change and
.01 Changing from the § 585
scope . . . . . . . . . . . . . . . . . . 38
.01 Change from the LIFO
inventory method . . . . . . . . . . . 40
reserve method to the § 166 specific charge-off method . . . 43
December 21, 1998 28 1998–51 I.R.B.
(1) Description of change
and scope . . . . . . . . . . . . . . . 43 (2) Section 481(a) adjustment . . 43 (3) Change from § 585 required
when electing S corporation status . . . . . . . . . . . . . . . . . . 43 .02 Reserved . . . . . . . . . . . . . . . . . 43
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