According to the IRS's LIFO conformity rule, a company that chooses LIFO to report net income to its shareholders may not use LIFO in preparing its income tax return.

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According to the IRS's LIFO conformity rule, a company must use LIFO for both financial reporting and tax purposes. Therefore, a company that chooses LIFO to report net income to its shareholders must also use LIFO in preparing its income tax return.

According to the IRS's LIFO Conformity Rule, a Company That