To amend the Internal Revenue Code of 1986 to allow small commercial finance companies to use the reserve method in accounting for bad debts.

Summary

Amends the Internal Revenue Code to allow certain commercial finance companies, in lieu of a deduction for wholly worthless debts, a deduction for a reasonable addition to a reserve for bad debts. Makes a company eligible for such deduction if: (1) the average adjusted basis of all its assets is $500,000,000 or less; or (2) such company was a member of a parent-subsidiary controlled group and the average adjusted basis of all assets of such groups was $50,000,000 or less.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

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

Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 20 October 1990

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.