The U.S. IRS has released an international practice unit on Last In-First Out (LIFO) Records. The general overview of the practice unit includes the following: A taxpayer’s current Last In-First Out (LIFO) inventory is a historic accumulation of quantity and price changes from the taxpayer’s initial year of the LIFO election. Therefore, the taxpayer must maintain supplemental and detailed LIFO inventory records that support the current value of the inventory and the clear reflection of income. The LIFO regulations underline the importance of these historic records by specifically requiring that taxpayers maintain them. See Treas. Reg. 1.472-2(h). The taxpayer must...