Application To Use LIFO Inventory Method

Application To Use LIFO Inventory Method (Form 970)

⚠️ Notice: This information collection may be referencing outdated material. More recent filings for OMB 1545-0042 can be found here:

Documents and Forms

Document Name Document Type
Form Form-970 Application To Use LIFO Inventory Method Form and Instruction
Form-970 Application to use LIFO inventory method Form 970.pdf Form and Instruction
2020-Form_970-Burden-2020-03-09 17-38-55.pdf 2020 Burden Worksheet IC Document

Information Collection (IC) Details

IC Title:	Application To Use LIFO Inventory Method	Agency IC Tracking Number:

Is this a Common Form? No		IC Status: Modified

Obligation to Respond: Mandatory

CFR Citation: 26 CFR 1.472-1

Information Collection Instruments:

Document Type	Form No.	Form Name	Instrument File	URL	Available Electronically?	Can Be Submitted Electronically?	Electronic Capability
Form and Instruction	Form-970	Application to use LIFO inventory method	Form 970.pdf		Yes	No	Fillable Fileable

Line of Business: General Government

Subfunction: Taxation Management

Privacy Act System of Records
Title: IRS 24.046-Customer Account Data Engine Business Master File.	FR Citation: 83 FR 42980

Number of Respondents: 2,000	Number of Respondents for Small Entity: 0

Affected Public: Private Sector	Private Sector: Businesses or other for-profits

Percentage of Respondents Reporting Electronically: 1 %

	Approved	Previously Approved
Annual Number of Responses for this IC	2,000	2,000
Annual IC Time Burden (Hours)	42,220	42,220
Annual IC Cost Burden (Dollars)	0	0

Documents for IC

Title	Document	Date Uploaded
2020 Burden Worksheet	2020-Form_970-Burden-2020-03-09 17-38-55.pdf	04/29/2020

Blank fields in records indicate information that was not collected or not collected electronically prior to July 2006.