The U.S. IRS recently released an updated practice unit on LIFO Pooling Requirements. The general overview of the practice unit is as follows:
Note: This practice unit updates the June 26, 2020, practice unit with the same title. The update clarifies slides 4, 10, and 12 regarding the 2014 reclassification of Table 6 of the Producer Price Index detailed reports to Table 9.
Any taxpayer permitted or required to take inventories pursuant to the provisions of IRC 471, and pursuant to the pr…