### Question
Can you define what LIFO method means?


### Answer
**LIFO method** is defined as the following in *26 U.S.C. § 312*:

> the method authorized by section 472 (relating to last-in, first-out inventories)

#### Citation:
  - *26 U.S.C. § 312*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter C-Corporate Distributions and Adjustments > PART I-DISTRIBUTIONS BY CORPORATIONS > Subpart B-Effects on Corporation**

