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SERVICE DECLARES OBSOLETE 12 REVENUE RULINGS DEALING WITH FINANCIAL REPORTING AND LIFO.

MAR. 28, 1988

Rev. Rul. 88-21; 1988-1 C.B. 245

DATED MAR. 28, 1988
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Citations: Rev. Rul. 88-21; 1988-1 C.B. 245

Rev. Rul. 88-21

PURPOSE

This revenue ruling declares obsolete certain revenue rulings relating to the financial reporting conformity requirement that applies to taxpayers using the last-in, first-out (LIFO) inventory identification method of accounting.

LAW

Section 472(c) of the Internal Revenue Code requires a taxpayer using the LIFO method to use no procedure other than the LIFO method as specified in section 472(b)(1) and (3) in inventorying its goods to ascertain the income, profit, or loss of the first tax year for which the LIFO method is to be used, for the purpose of a report or statement covering such tax year to shareholders, partners, or other proprietors, or to beneficiaries, or for credit purposes. Section 472(e) extends this conformity requirement to subsequent tax years.

T.D. 7756, 1981-1 C.B. 316, published in the Federal Register on January 22, 1981, amended section 1.472-2(e) of the Income Tax Regulations and prescribed comprehensive new rules for complying with the LIFO conformity requirement set forth in section 472(c) and (e) of the Code. Generally, section 1.472-2(e) as amended by T.D. 7756 applies to tax years beginning after December 31, 1953, and ending after August 16, 1954.

HOLDING AND EFFECT ON OTHER DOCUMENTS

Because of the amendments to section 1.472-2(e) of the regulations by T.D. 7756, the following revenue rulings are obsolete:

      Rev. Rul. 60-244, 1960-2 C.B. 167

 

      Rev. Rul. 73-66, 1973-1 C.B. 218

 

      Rev. Rul. 74-586, 1974-2 C.B. 156

 

      Rev. Rul. 75-50, 1975-1 C.B. 152

 

      Rev. Rul. 76-379, 1976-2 C.B. 138

 

      Rev. Rul. 76-475, 1976-2 C.B. 139

 

      Rev. Rul. 76-531, 1976-2 C.B. 140

 

      Rev. Rul. 77-50, 1977-1 C.B. 137

 

      Rev. Rul. 77-152, 1977-1 C.B. 138

 

      Rev. Rul. 77-408, 1977-2 C.B. 184

 

      Rev. Rul. 78-49, 1978-1 C.B. 145

 

      Rev. Rul. 79-58, 1979-1 C.B. 187

 

 

DRAFTING INFORMATION

The principal author of this revenue ruling is Richard Davis of the Corporation Tax Division. For further information regarding this revenue ruling contact Mr. Davis on (202) 343-2383 (not a toll-free call).

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