[Code of Federal Regulations]
[Title 26, Volume 6]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR1.472-4]

[Page 522]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 1_INCOME TAXES--Table of Contents
 
Sec. 1.472-4  Adjustments to be made by taxpayer.

    A taxpayer may not change to the LIFO method of taking inventories 
unless, at the time he files his application for the adoption of such 
method, he agrees to such adjustments incident to the change to or from 
such method, or incident to the use of such method, in the inventories 
of prior taxable years or otherwise, as the district director upon the 
examination of the taxpayer's returns may deem necessary in order that 
the true income of the taxpayer will be clearly reflected for the years 
involved.

[T.D. 6500, 25 FR 11730, Nov. 26, 1960]