What LAST IN, FIRST OUT (LIFO) means: An accounting method for valuing inventories for tax purposes. Under this method, the last items purchased are treated as being the first items sold. Ending inventory is valued using the cost of the items with the earlier purchase dates.
- Definition Lifetime Learning Credit:
- Dictionary credit equal to 20% of the first $10,000 of qualified higher education tuition and fees paid during the year on behalf of the taxpayer, his or her spouse, or his or her dependents. Students attending last in, first out (lifo) definition.
- Definition Lien For Taxes:
- Dictionary as part of its tax collection effort, may attach a lien (a legal claim) on the property of a taxpayer who is delinquent in the payment of amounts owed to the IRS and who has not made arrangements to last in, first out (lifo) explain.
- Definition Lessee:
- Dictionary One who rents property from another. In the case of real estate, the lessee is also known as the tenant last in, first out (lifo) what is.
- Definition Listed Property:
- Dictionary includes passenger autos and other property used for transportation, property generally used for purposes of entertainment, recreation, or amusement, computers not used exclusively at a regular last in, first out (lifo) meaning.
How works Last In, First Out (LIFO meaning in Tax definitions L .
