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