A bill to amend the Internal Revenue Code of 1954 to permit small businesses to reduce the value of excess inventory.

Summary

Amends the Internal Revenue Code to permit a domestic trade or business whose equity capital does not exceed $25,000,000 to reduce the value of a portion of excess inventory items held for more than 12 months. Permits a taxpayer who is required to change his method of accounting pursuant to Revenue Ruling 80-60 (inventory valuation) and Revenue Procedure 80-5 to effect such a change only for taxable years beginning after December 31, 1980.

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

Timeline

1. 21 May 1981

   Introduced

   Introduced in Senate

   Source: IntroReferral

2. 21 May 1981

   Committee

   Subcommittee on Taxation and Debt Management took the following actions.

   Source: Committee

3. 21 May 1981

   Introduced

   Read second time and referred to Senate Committee on Finance.

   Source: IntroReferral

4. 15 June 1981

   Committee

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

   Source: Committee

5. 25 September 1981

   Committee

   Subcommittee on Taxation and Debt Management. Hearings held.

   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 · 21 May 1981

  Open at official source

Sponsors

• Sen. Durenberger, Dave [R-MN] · R · Sponsor
• Sen. Melcher, John [D-MT] · D · Sponsor
• Sen. Boschwitz, Rudy [R-MN] · R · Sponsor
• Sen. Zorinsky, Edward [D-NE] · D · Sponsor
• Sen. Grassley, Chuck [R-IA] · R · Sponsor
• Sen. Burdick, Quentin N. [D-ND] · D · Cosponsor
• Sen. Heflin, Howell [D-AL] · D · Cosponsor
• Sen. Symms, Steven D. [R-ID] · R · Cosponsor
• · ssfi00 · Standing

Related records

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