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United States · Bill · S

S. 1276 (97th)

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

openUnited States· United States Congress· EN

Introduced

21 May 1981

Last action

—

Status

Subcommittee on Taxation and Debt Management. Hearings held.

Sponsors

—

Subjects

Discovery layer

Source updated

3 January 2025

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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.

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Documents

1 official file

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Sources

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