### Question
How does NORMAL TAXES AND SURTAXES define LIFO method?


### Answer
Under *26 U.S.C. § 473*, **LIFO method** is defined as:

> the method of inventorying goods described in section 472

#### Citation:
  - *26 U.S.C. § 473*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter E-Accounting Periods and Methods of Accounting > PART II-METHODS OF ACCOUNTING > Subpart D-Inventories**

