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.

---

Definitions:

Distress

Harmful stress characterized by a loss of feelings of security and adequacy

Cumulative Trauma Disorders

Injuries involving tendons of the fingers, hands, and arms that become inflamed from repeated stresses and strains

Repetitive-motion Injury

Physical harm or damage resulting from the repeated movement or strain of a particular part of the body, commonly occurring in the workplace.

Carpal Tunnel Syndrome

A medical condition caused by the compression of the median nerve as it travels through the wrist at the carpal tunnel, leading to numbness, tingling, and weakness in the hand.