IRS Permission Is Not Required for a Change from FIFO

question 43

True/False

IRS permission is not required for a change from FIFO to LIFO.

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Definitions:

Securities Act of 1934

U.S. federal law focusing on the regulation of the secondary trading of securities (stocks, bonds, and debentures) in the United States.

Scienter

A legal term used to refer to a party's knowledge of the wrongfulness or fraudulent nature of their actions.

Williams Act

A subset of the Securities Exchange Act of 1934, regulating tender offers and requiring disclosure of information by anyone seeking to acquire more than 5% of a company's securities.

Tender Offers

Public, open proposals by a party to purchase a substantial portion of a company’s shares or bonds from its shareholders or bondholders.