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

Summary

Amends the Internal Revenue Code to allow taxpayers to value excess inventory at its net realizable value. Defines "excess inventory" as that part of inventory which the taxpayer reasonably expects will be disposed of at less than full realization of cost. Allows taxpayers to spread over ten years any increases in inventory value due to a change from the first in, first out (FIFO) to the last in, first out (LIFO) method of accounting.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 12 May 1983

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 12 May 1983

   Introduced

   Introduced in House

   Source: IntroReferral

3. 12 May 1983

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 12 May 1983

  Open at official source

Sponsors

• Rep. Jenkins, Edgar L. [D-GA-9] · D · Sponsor
• Rep. Heftel, Cecil [D-HI-1] · D · Sponsor
• Rep. Beilenson, Anthony C. [D-CA-23] · D · Sponsor
• · hswm00 · Standing

Related records

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