In the case of a change from the lower-of-cost-or-market FIFO to the LIFO inventory method:
A)The taxpayer must value the beginning inventory to be the same as if the company had used the LIFO method for all the years the company was in business.
B)The taxpayer must seek written permission from the IRS in order to make the change.
C)The adjustment due to the change in accounting method must be spread over 3 years, the year of change and the two subsequent years.
D)All of the above.
E)None of the above.

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The Answer of In the case of a change from the lower-of-cost-or-market FIFO to the LIFO inventory method:
A)The taxpayer must value the beginning inventory to be the same as if the company had used the LIFO method for all the years the company was in business.
B)The taxpayer must seek written permission from the IRS in order to make the change.
C)The adjustment due to the change in accounting method must be spread over 3 years, the year of change and the two subsequent years.
D)All of the above.
E)None of the above.

In the Case of a Change from the Lower-Of-Cost-Or-Market FIFO