### Question
What does LIFO method mean?


### Answer
**LIFO method** has the following meaning in *26 U.S.C. § 1363*:

> the method authorized by section 472

#### Citation:
  - *26 U.S.C. § 1363*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter S-Tax Treatment of S Corporations and Their Shareholders > PART I-IN GENERAL**

