Common use of Lookthrough LIFO recapture amount Clause in Contracts

Lookthrough LIFO recapture amount. In general. For purposes of this section, a corporation’s lookthrough LIFO recapture amount is the amount of income that would be al- located to the corporation, taking into account section 704(c) and § 1.704–3, if the partnership sold all of its LIFO in- ventory for the inventory’s FIFO value. For this purpose, the FIFO value of inventory is the inventory amount of the inventory assets under the first- in, first-out method of accounting au- thorized by section 471, determined in accordance with section 1363(d)(4)(C).