last in first out

last-in, first-out. An accounting method that assumes that the most recent purchases are sold or used first, matching current costs against current revenues. — Abbr. LIFO. Cf. FIRST-IN, FIRST-OUT; NEXT-IN, FIRST-OUT. [Cases: Internal Revenue 3105.

1. C.J.S. Internal Revenue §§ 27–29, 31–33.]

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