Tax Notes logo
HOMETax Notes ResearchFederalIRS Guidancerevenue procedures

SERVICE DECLARES OBSOLETE 11 REVENUE PROCEDURES DEALING WITH FINANCIAL REPORTING AND LIFO.

MAR. 28, 1988

Rev. Proc. 88-19; 1988-1 C.B. 695

DATED MAR. 28, 1988
DOCUMENT ATTRIBUTES
Citations: Rev. Proc. 88-19; 1988-1 C.B. 695

Rev. Proc. 88-19

SECTION 1. PURPOSE

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

SEC. 2. BACKGROUND

01 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.

02 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.

SEC. 3. APPLICATION

Because of the amendments to section 1.472-2(e) of the regulations by T.D. 7756, the eleven revenue procedures listed in section 4 of this revenue procedure are obsolete.

SEC. 4. EFFECT ON OTHER DOCUMENTS

The following revenue procedures are obsolete:

     Rev. Proc. 72-29, 1972-1 C.B. 757

 

     Rev. Proc. 73-37, 1973-2 C.B. 501

 

     Rev. Proc. 75-10, 1975-1 C.B. 651

 

     Rev. Proc. 75-22, 1975-1 C.B. 717

 

     Rev. Proc. 76-3, 1976-1 C.B. 542

 

     Rev. Proc. 76-5, 1976-1 C.B. 543

 

     Rev. Proc. 77-7, 1977-1 C.B. 540

 

     Rev. Proc. 77-33, 1977-2 C.B. 542

 

     Rev. Proc. 77-46, 1977-2 C.B. 579

 

     Rev. Proc. 78-39, 1978-2 C.B. 542

 

     Rev. Proc. 79-37, 1979-2 C.B. 500

 

 

DRAFTING INFORMATION

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

DOCUMENT ATTRIBUTES
Copy RID