A bill to amend the effective date provision of section 403(b)(3) of the Windfall Profit Tax Act of 1980 (Public Law 96-223) to further defer the effective date of certain provisions providing for the recognition as income of LIFO inventory amounts.

Summary

Amends the Crude Oil Windfall Profit Tax Act of 1980 to delay until December 31, 1982, the effective date of the requirement that in cases of corporate liquidations a corporation inventorying goods under the last-in, first-out (LIFO) method of accounting treat the LIFO recapture amount with respect to distributed inventory assets as gain from the sale of such assets.

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Timeline

1. 18 November 1981

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 18 November 1981

   Introduced

   Introduced in House

   Source: IntroReferral

3. 18 November 1981

   Introduced

   Introduced in House

   Source: IntroReferral

4. 9 December 1981

   Committee

   Committee Hearings Held.

   Source: Committee

5. 9 December 1981

   Committee

   For Further Action See H.R.4717.

   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 · 18 November 1981

  Open at official source

Sponsors

• Rep. Gradison, Willis D., Jr. [R-OH-2] · R · Sponsor
• · hswm00 · Standing

Related records

• related to → Miscellaneous Revenue Act of 1982
• related to ← A bill to amend the effective date provision of section 403(b)(3) of the Windfall Profit Tax Act of 1980 (Public Law 96-223) to further defer the effective date of certain provisions providing for the recognition as income of LIFO inventory amounts.