To amend the Internal Revenue Code of 1986 to clarify that certain small businesses are permitted to use the cash method of accounting even if they use merchandise or inventory.

Summary

Amends the Internal Revenue Code to permit certain small businesses to use cash accounting. Declares that a taxpayer (including a C corporation or a partnership which has a C corporation as a partner) shall not be required to use an accrual method of accounting for any taxable year by reason of using merchandise or inventory, if the taxpayer's (or any predecessor's) average annual gross receipts for the three-year-period ending with such prior taxable year does not exceed $5 million.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 17 June 1999

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• Introduced in House (PDF)

  Introduced in House · EN · 17 June 1999

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• Introduced in House

  summary · EN · 17 June 1999

  Open at official source

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