United States · Bill · S
S. 1105 (98th)
A bill to amend the Internal Revenue Code to change certain accounting rules related to inventory, and for other purposes.
Introduced
20 April 1983
Last action
—
Status
Committee on Finance requested executive comment from OMB, Treasury Department.
Sponsors
—
Subjects
Discovery layer
Source updated
3 January 2025
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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Versions
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Documents
1 official file
Introduced in Senate
summary · EN · 20 April 1983
Sponsors
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Related records
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Sources
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- Official source: https://www.congress.gov/bill/98th-congress/senate-bill/1105
- Open data entity: https://api.congress.gov/v3/bill/98/s/1105