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Get Revenue Ruling 1997-43 - Lifo

Ventories 26 CFR 1.472-1: Last-in, first-out inventories. LIFO; price indexes; department stores. The August 1997 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the The following Department Store Inventory Price Indexes for August 1997 were issued by the Bureau of Labor Statistics on September 16, 1997. The indexes are accepted by the Internal Revenue Service, under 1.472-1(k) of the Income Tax Regulations and Rev. Proc. 86-46, 1986-2 C.B. 739,.

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