Advance Approval and the Filing of Form 970 Is Required

question 69

True/False

Advance approval and the filing of Form 970 is required whenever a taxpayer adopts LIFO.

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Definitions:

Angle of the Jaw

The external angle formed by the junction of the lower edge of the mandible and the posterior edge, near where the jawbone curves upwards towards the ear.

Craniosynostosis

A congenital condition where one or more of the fibrous sutures in an infant's skull prematurely fuses by turning into bone, affecting skull and brain growth.

Fontanels

Soft spots on a baby's skull where the bones haven't fused together yet, allowing for growth of the brain and skull.

Congenital Hypothyroidism

A condition present at birth characterized by an underactive thyroid gland, resulting in a lack of thyroid hormones which are crucial for growth and development.