§ 473(a)

gross income adjusted under subsection (b)

UNDECIDED

0 of 2 settled

  1. 1

    § 473(a)

    ALL OF

    If, for any liquidation year—

    “for any liquidation year” Opening words
    “there is a qualified liquidation of goods which the taxpayer inventories under the LIFO method, and” § 473(a)(1) needs Step 2 is a qualified liquidation UNDECIDED
    “the taxpayer elects to have the provisions of this section apply with respect to such liquidation,” § 473(a)(2)

    then the gross income of the taxpayer for such taxable year shall be adjusted as provided in subsection (b).

  2. 2

    § 473(c)(1)

    is a qualified liquidation

    ALL OF
    “a decrease in the closing inventory of the liquidation year from the opening inventory of such year”
    “the taxpayer establishes to the satisfaction of the Secretary that such decrease is directly and primarily attributable to a qualified inventory interruption”