To amend the Internal Revenue Code of 1986 to allow income from the sale of certain used automobiles to be computed on the installment sales method, and for other purposes.

Summary

Amends accounting provisions of the Internal Revenue Code to permit licensed used automobile dealers to use the installment method in connection with retail sales of any automobile that is more than three years old at the time of the sale if: (1) the sales price is $6,000 or less; and (2) the installment obligation arises solely from the sale in question and has a term of 36 months or less.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

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• Introduced in House

  summary · EN · 18 April 1989

  Open at official source

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