Editorials

With no LIFO tax help for car dealers, Congress must swoop in

U.S. Capitol
(BLOOMBERG/Bloomberg)
April 18, 2022 04:00 AM

In this space in February, we called for the U.S. Treasury Department to immediately invoke Section 473 of the Internal Revenue Code as a way to blunt the hit on 2021 tax bills — some in the millions of dollars — facing many dealerships that use last in, first out accounting after the semiconductor shortage reduced global auto production and depleted retailers' inventory.

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