Eighth Circuit Rules in Favor of Retailer on Application of LIFO Inventory Method

The Eighth Circuit Court of Appeals held that Dayton Hudson Corporation could deduct estimated inventory shrinkage using the retail LIFO inventory method. Congress subsequently amended Code to permit estimates. Our firm represented Dayton Hudson on appeal. Dayton Hudson Corporation v. Commissioner, 153 F.3d 660 (8th Cir. 1998)