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.

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Timeline

1. 20 April 1983

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 20 April 1983

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 25 April 1983

   Committee

   Committee on Finance requested executive comment from OMB, Treasury Department.

   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 Senate

  summary · EN · 20 April 1983

  Open at official source

Sponsors

• Sen. Moynihan, Daniel Patrick [D-NY] · D · Sponsor
• Sen. Inouye, Daniel K. [D-HI] · D · Sponsor
• Sen. Melcher, John [D-MT] · D · Sponsor
• Sen. Mitchell, George J. [D-ME] · D · Sponsor
• Sen. Heinz, John [R-PA] · R · Sponsor
• Sen. Symms, Steven D. [R-ID] · R · Sponsor
• Sen. East, John P. [R-NC] · R · Sponsor
• Sen. Baucus, Max [D-MT] · D · Sponsor
• Sen. Eagleton, Thomas F. [D-MO] · D · Sponsor
• · ssfi00 · 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.