Question: Select the correct statement concerning LIFO liquidations from the following. LIFO liquidations seldom distort net income and do not result in substantial tax payments. LIFO

Select the correct statement concerning LIFO liquidations from the following. LIFO liquidations seldom distort net income and do not result in substantial tax payments. LIFO liquidations seldom distort net income and may result in substantial tax payments. LIFO liquidations often distort net income and do not result in substantial tax payments. LIFO liquidations often distort net income and may result in substantial tax payments

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