The Taxpayer Does Need the IRS's Permission to Change from the FIFO

question 73

True/False

The taxpayer does need the IRS's permission to change from the FIFO inventory method to the LIFO method.

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Definitions:

Joint Sets

A set of parallel or nearly parallel joints.

Contact Metamorphism

The process by which rocks are transformed in composition and texture due to high heat but moderately low pressure, typically near a heat source like magma.

Tight Folds

Rock layers that have been bent very closely together, typically as a result of high pressure, forming narrow and sharp folds.

Cleavage

A property of minerals that allows them to break along smooth, flat surfaces, determined by the mineral's crystal structure.