fte following statements about LIFO inventory are false except:
A) fte taxpayer needs IRS permission to adopt LIFO.
B) LIFO must be used for both "book" and tax purposes, but the numbers may still differ.
C) fte use of LIFO results in tax deferral and increased earnings per share per books.
D) LIFO was not acceptable for tax purposes until the 1954 Internal Revenue Code.
Correct Answer:
Verified
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