What is the IRS rule of the LIFO conformity?
a) a company thats uses FIFO on their financial statements must use FIFO for tax purposes
b)a company that uses LIFO for tax purposes must use FIFO on their financial statements
c) a company that uses LIFO for tax purposes must use LIFO on their financial statements
d) all companies must use FIFO for tax purposes
Answer: C
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