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IRS RELEASES NEW TAX-SAVING LIFO POOLING RULE EFFECTIVE 2007 Volume 4, Issue 2, March 17, 2008 On March 7, 2008 the IRS released pro-dealer rules regarding the LIFO pooling treatment of vehicle inventories. The rules, retroactive to 2007 tax returns, have the potential to provide significant tax savings for dealers with declining vehicle inventories and to provide major long-term benefits from LIFO calculations. Dealers are now allowed to change to the "Vehicle-Pool Method," which is a single LIFO pool concept for their vehicle inventories resulting in a very desirable outcome. >>Learn more in the complete article
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