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United States · Bill · HR

H.R. 2055 (99th)

A bill to amend the Internal Revenue Code to change certain accounting rules related to inventory, and for other purposes.

referredUnited States· United States Congress· EN

Introduced

16 April 1985

Last action

—

Status

Referred to House Committee on Ways and Means.

Sponsors

—

Subjects

Discovery layer

Source updated

7 February 2024

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Summary

Amends the Internal Revenue Code to allow taxpayers to value excess inventory at its net realizable value. Eliminates the qualification requirement for the last-in, first-out (LIFO) method of accounting that a taxpayer use no inventory method for financial reporting or credit purposes other than the LIFO method. Allows a taxpayer who adopts the LIFO method to spread increases in taxable income attributable to such change over a ten-year period.

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Documents

1 official file

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