A bill to amend section 451 of the Internal Revenue Code of 1954 to provide for a special rule for the inclusion in income of magazine sales for display purposes.

reportedUnited States· United States Congress· EN

Introduced

2 February 1977

Last action

—

Status

Reported to Senate from the Committee on Finance with amendment, S. Rept. 95-1278.

Summary

Amends the Internal Revenue Code to allow taxpayers using the accrual method of accounting to elect not to include in gross income the proceeds on sales of magazines which are returned within three months after the end of the taxable year if the magazines were sold for display purposes, the taxpayer has a legal obligation to accept their return, and the election is approved by the Secretary of the Treasury or his delegate pursuant to any prescribed regulations.

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Votes

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Versions

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Documents

2 official files

Reported to Senate with amendment(s)
summary · EN · 5 October 1978
Open at official source
Introduced in House
summary · EN · 2 February 1977
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/95th-congress/house-bill/3050
Open data entity: https://api.congress.gov/v3/bill/95/hr/3050