Skip to content
Taxpayers for Common Sense Logo Taxpayers for Common Sense Logo Taxpayers for Common Sense Logo
  • ISSUES
    • Agriculture
    • Budget & Tax
    • Disaster
    • Energy & Natural Resources
    • Transportation & Infrastructure
    • National Security
    • Explore All of Our Issues
  • OUR WORK
    • Analysis
    • Comments & Testimony
    • Databases
    • Deep Dives
    • In The News & Op-Eds
    • Letters
    • Our Take
    • Press Releases & Statements
    • Reports
  • ABOUT
    • Overview
    • 30 Years of TCS
    • Our Solutions to Cut Waste
    • Accomplishments
    • Awards
    • Annual Reports
    • Staff & Board of Directors
    • Careers
    • Contact
  • WASTEBASKET
  • PODCAST
  • DONATE
  • Or, try our Advanced Search.

  • SUBSCRIBELearn about the WastebasketYour weekly reality-check for federal spending. Join the thousands of Congressional and agency staff, journalists and activists who receive our Weekly Wastebasket – our weekly newsletter highlighting wasteful government spending – along with our solutions. Through the Weekly Wastebasket, you can count on TCS to provide insight into the realities of the federal budget process. And don’t worry, there’s nothing wasteful about it – it’s free! Get the facts, not the fluff – sign up now for the newsletter now.
  • PODCASTLearn about the PodcastWelcome to Budget Watchdog, All Federal — the podcast dedicated to making sense of the budget, spending, and tax issues facing the nation. Cut through the partisan rhetoric and talking points with TCS experts and guests for the facts about what’s being talked about, bandied about, and pushed in Washington. Subscribe
  • Donate
  • Or, try our Advanced Search.

  • ISSUES
    • Agriculture
    • Budget & Tax
    • Energy & Natural Resources
    • Transportation & Infrastructure
    • National Security
    • Explore All of Our Issues
  • OUR WORK
    • Analysis
    • Comments & Testimony
    • Databases
    • Deep Dives
    • In the News & Op-Eds
    • Our Take
    • Press Releases & Statements
    • Reports
  • ABOUT
    • Overview
    • Our Solutions to Cut Waste
    • Accomplishments
    • 30 Years of TCS
    • Awards
    • Annual Reports
    • Staff & Board of Directors
    • Careers
  • WEEKLY WASTEBASKETLearn about the Weekly Wastebasket. Your weekly reality-check for federal spending. Join the thousands of Congressional and agency staff, journalists and activists who receive our Weekly Wastebasket – our weekly newsletter highlighting wasteful government spending – along with our solutions. Through the Weekly Wastebasket, you can count on TCS to provide insight into the realities of the federal budget process. And don’t worry, there’s nothing wasteful about it – it’s free! Get the facts, not the fluff – sign up now for the newsletter now.
  • PODCASTLearn about the PodcastWelcome to Budget Watchdog, All Federal — the podcast dedicated to making sense of the budget, spending, and tax issues facing the nation. Cut through the partisan rhetoric and talking points with TCS experts and guests for the facts about what’s being talked about, bandied about, and pushed in Washington. Subscribe
  • DONATE
  • CONTACT
  • SEARCH
Independent, nonpartisan government watchdog fighting for taxpayers since 1995

Just the Facts about Last-In, First-Out Accounting

Just the Facts about Last-In, First-Out Accounting

Budget & Tax, Energy & Natural Resources,  | Analysis
Feb 28, 2014 | 13 sec read | Print Article

An antiquated accounting practice results in a permanent tax deferral that primarily benefits big oil and gas companies. Learn more in this issue of “Just the Facts“.

Share This Story!

Related Posts

BWAF Podcast — Ep. 123: Hey Big Spender: Three Trillion-Dollar Numbers, One Fiscal Year

BWAF Podcast — Ep. 123: Hey Big Spender: Three Trillion-Dollar Numbers, One Fiscal Year

Sep 17, 2026
No Bidders in Nevada’s 21,000-Acre Oil and Gas Lease Sale

No Bidders in Nevada’s 21,000-Acre Oil and Gas Lease Sale

Sep 16, 2026
2,800 Acres in Ohio’s Wayne National Forest Leased for Oil and Gas

2,800 Acres in Ohio’s Wayne National Forest Leased for Oil and Gas

Sep 15, 2026
Wyoming Oil & Gas Lease Sale Could Cost $50 Million in Royalty Revenue

Wyoming Oil & Gas Lease Sale Could Cost $50 Million in Royalty Revenue

Sep 10, 2026
Colorado Oil & Gas Lease Sale Could Cost $20 Million in Royalty Revenue

Colorado Oil & Gas Lease Sale Could Cost $20 Million in Royalty Revenue

Sep 10, 2026
PolitiFact: Can Trump give Americans $5,000 if Republicans win midterms? It’d be complicated and expensive

PolitiFact: Can Trump give Americans $5,000 if Republicans win midterms? It’d be complicated and expensive

Sep 10, 2026

Most Read

Recent Content

  • Budget Watchdog All Federal

    Podcast

    BWAF Podcast — Ep. 123: Hey Big Spender: Three Trillion-Dollar Numbers, One Fiscal Year

    Sep 17, 2026 | 36 min read
  • 230515 D PM193 1786 scaled

    In The News

    Politico Pro Morning Defense: The Price is Right

    Sep 17, 2026 | 3 min read
  • pexels david hou 1637526441 29704415

    Letter

    Fiscal Responsibility Groups Back Transparency in Contracting Act

    Sep 17, 2026 | 2 min read
  • An oil pumpjack with a blue sky in the background

    Analysis

    No Bidders in Nevada’s 21,000-Acre Oil and Gas Lease Sale

    Sep 16, 2026 | 10 min read

×
 
DONATE

Stay up to date on our work.

Sign up for our newsletter.

"*" indicates required fields

Issue Interests

SUPPORT TAXPAYERS FOR COMMON SENSE

Help us bring common sense to Washington.

  • ISSUES
  • Agriculture
  • Budget & Tax
  • Disaster
  • Energy & Natural Resources
  • Transportation & Infrastructure
  • National Security
  • OUR WORK
  • Analysis
  • Our Take
  • Weekly Wastebasket
  • Letters to the Hill
  • Statements
  • Data & Documents
  • Podcast
  • Reports
  • ABOUT
  • Overview
  • Careers
  • In the News
  • Staff & Board of Directors
  • Awards
  • Annual Reports
  • Privacy Policy
  • State Disclosures
  • IRS Compliance
  • Terms of Use
CONTACT US
General Inquiries
  • info@taxpayer.net
  • 202-546-8500
Press Team
  • media@taxpayer.net
  • 202-546-8500 (ext.106)
Got a confidential tip?

Or, search all our articles with our Advanced Search.

© Taxpayers for Common Sense | 651 Pennsylvania Ave, SE | Washington, DC 20003 | 202-546-8500 | Contact Us
Website Design by Get Sharp, Inc.
FacebookXYouTube
Page load link
Sign-up for the Weekly Wastebasket
____________________________
Our weekly newsletter highlights wasteful government
spending – along with our solutions.
We use cookies to broadly understand analytics only on this website. We use third party embeds to host some content as well. If you continue to use this site, we will assume you're okay with this.
Accept & Close
Go to Top