LIFO recapture amount
Defined in 2 places of the United States Code.
For purposes of this paragraph, the term “LIFO recapture amount” means the amount (if any) by which—
(i) the inventory amount of the inventory assets under the first-in, first-out method authorized by section 471, exceeds
(ii) the inventory amount of such assets under the LIFO method.
Source
- 1994–present26 U.S.C. § 312Internal Revenue Code · Effect on earnings and profits · in this section
For purposes of this subsection, the term “LIFO recapture amount” means the amount (if any) by which—
(A) the inventory amount of the inventory asset under the first-in, first-out method authorized by section 471, exceeds
(B) the inventory amount of such assets under the LIFO method.
Source
- 201326 U.S.C. § 1363Internal Revenue Code · Effect of election on corporation · in this subchapter
For purposes of this subsection, the term "LIFO recapture amount" means the amount (if any) by which—
(A) the inventory amount of the inventory asset under the first-in, first-out method authorized by section 471, exceeds
(B) the inventory amount of such assets under the LIFO method.
For purposes of the preceding sentence, inventory amounts shall be determined as of the close of the last taxable year referred to in paragraph (1).
Source
- 1994–present26 U.S.C. § 1363Internal Revenue Code · Effect of election on corporation · in this subchapter