A bill to amend the effective date provision of section 403(b)(3) of the Windfall Profit Tax Act of 1980 (Public Law 96-223) to further defer the effective date of certain provisions providing for the recognition as income of LIFO inventory amounts.

Summary

Amends the Crude Oil Windfall Profit Tax Act of 1980 to delay until December 31, 1982 the effective date of the requirement that in cases of corporate liquidations a corporation inventorying goods under the last-in, first-out (LIFO) method of accounting treat the LIFO recapture amount with respect to distributed inventory assets as ordinary income.

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Timeline

1. 12 November 1981

   Introduced

   Read second time and referred to Senate Committee on Finance.

   Source: IntroReferral

2. 12 November 1981

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 16 November 1981

   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 · 12 November 1981

  Open at official source

Sponsors

• Sen. Durenberger, Dave [R-MN] · R · Sponsor
• Sen. Symms, Steven D. [R-ID] · R · Sponsor
• Sen. Mitchell, George J. [D-ME] · D · Sponsor
• Sen. Moynihan, Daniel Patrick [D-NY] · D · Sponsor
• Sen. Roth Jr., William V. [R-DE] · R · Sponsor
• Sen. Boren, David L. [D-OK] · D · Sponsor
• Sen. Matsunaga, Spark M. [D-HI] · D · Sponsor
• Sen. Chafee, John H. [R-RI] · R · Sponsor
• Sen. Heinz, John [R-PA] · R · Sponsor
• Sen. Weicker, Lowell P., Jr. [R-CT] · R · Sponsor
• Sen. Nunn, Sam [D-GA] · D · Sponsor
• Sen. Cohen, William S. [R-ME] · R · Cosponsor
• Sen. Boschwitz, Rudy [R-MN] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → A bill to amend the effective date provision of section 403(b)(3) of the Windfall Profit Tax Act of 1980 (Public Law 96-223) to further defer the effective date of certain provisions providing for the recognition as income of LIFO inventory amounts.