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


### Answer
Under *26 U.S.C. § 1363*, **LIFO method** is defined as:

> 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**

