I seem to recall that if a company uses LIFO accounting for tax purposes, they are not allowed to write off obsolete inventory unless the inventory is physically disposed of. Is this still true (or was it ever true?) What if the Company has certain inventory that is not going to be sold in the ordinary course of business, but may be held and given away as good will items (i.e. to schools or other charitable organizations that use them for raffles, student incentives, etc.). Could these items be removed from inventoru=y if the company was under LIFO accounting? Thanks Bill
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