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, 1982.

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

Timeline

1. 3 August 1983

   Introduced

   Introduced in Senate

   Source: IntroReferral

2. 3 August 1983

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

3. 9 August 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 · 3 August 1983

  Open at official source

Sponsors

• Sen. Durenberger, Dave [R-MN] · R · Sponsor
• Sen. Symms, Steven D. [R-ID] · R · Sponsor
• Sen. Boren, David L. [D-OK] · D · Sponsor
• Sen. Grassley, Chuck [R-IA] · R · Sponsor
• Sen. Zorinsky, Edward [D-NE] · D · Sponsor
• Sen. Melcher, John [D-MT] · D · Sponsor
• · ssfi00 · Standing

Related records

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