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. 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.

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

Timeline

1. 7 April 1981

   Introduced

   Introduced in House

   Source: IntroReferral

2. 7 April 1981

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

3. 7 April 1981

   Introduced

   Introduced in House

   Source: IntroReferral

4. 4 August 1981

   Committee

   See H.R.4242.

   Source: Committee

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 · 7 April 1981

  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-24] · D · Sponsor
• Rep. Holland, Kenneth L. [D-SC-5] · D · Cosponsor
• · hswm00 · Standing

Related records

• related to ← Economic Recovery Tax Act of 1981