revolving charge account


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Words related to revolving charge account

a charge account that does not have to be paid to zero balance

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Examples of these include (but are not limited to) the LIFO index for taxpayers using dollar-value LIFO inventory method, the deferred gross profit for taxpayers with revolving charge accounts, intercompany adjustments for taxpayers who file consolidated returns, and a temporary liquidation of a LIFO layer at the installment date.