§1321 — Repealed. Pub. L. 94–455, title XIX, § 1901(a)(144), Oct. 4, 1976, 90 Stat. 1788]

Statute Text — 26 U.S.C. §1321

Treasury Regulations

• Treas. Reg. §Treas. Reg. §1.1321-1 Involuntary liquidation of lifo inventories
• Treas. Reg. §Treas. Reg. §1.1321-1(a) §1.1321-1(a)
• Treas. Reg. §Treas. Reg. §1.1321-1(b) §1.1321-1(b)
• Treas. Reg. §Treas. Reg. §1.1321-1(c) §1.1321-1(c)
• Treas. Reg. §Treas. Reg. §1.1321-1(d) If the taxpayer would have the involuntary liquidation and replacement provisions applicable with respect to any inventory decrease, he must so elect within the time prescribed by this section.
• Treas. Reg. §Treas. Reg. §1.1321-1(e) The election of the taxpayer to treat an involuntary decrease of inventory as subject to the replacement adjustments is to be exercised separately for each taxable year reflecting such a decrease and the election, once exercised with respect to a given year, shall be irrevocable with respect to the particular decrease involved and its replacement, and shall be binding for the year of liquidation, the year of replacement, and all prior, intervening, and subsequent years to the extent that such pr
• Treas. Reg. §Treas. Reg. §1.1321-1(f) Notwithstanding the ultimate purchase price or the cost of production ultimately incurred by the taxpayer in effecting replacement of a stock involuntarily liquidated, the merchandise reflecting the replacement shall be taken into purchases and included in the closing inventory for the year of replacement, and shall be included in the inventories of subsequent taxable years, at the inventory cost figure of the merchandise replaced.
• Treas. Reg. §Treas. Reg. §1.1321-1(g) The goods reflected in any inventory increase in a year subsequent to a year of involuntary liquidation, to the extent that they constitute items of the kind and description liquidated in prior years, whether or not in a year of involuntary liquidation, shall be deemed, in the order of their acquisition, as having been acquired by the taxpayer in replacement of like goods most recently liquidated and not previously replaced.
• Treas. Reg. §Treas. Reg. §1.1321-1(h) In some cases it may appear that, at the time of the filing of the income tax return for the year of replacement, or within three years thereafter, an adjustment with respect to the income or excess profits taxes for the year of the involuntary liquidation, or for some prior, intervening, or subsequent taxable year, is prevented by the running of the statute of limitations, by the execution of a closing agreement, by virtue of a court decision which has become final, or by reason of some other p
• Treas. Reg. §Treas. Reg. §1.1321-2 Liquidation and replacement of lifo inventories by acquiring corporations