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United States · Bill · S

S. 578 (97th)

A bill to amend the Internal Revenue Code to change certain accounting rules related to inventory.

openUnited States· United States Congress· EN

Introduced

26 February 1981

Last action

—

Status

Subcommittee on Taxation and Debt Management. Hearings held.

Sponsors

—

Subjects

Discovery layer

Source updated

3 January 2025

Official sourceView documentsShare

Summary

Amends the Internal Revenue Code to allow taxpayers to value excess inventory at its net realizable value. Eliminates the qualification requirement for the last-in, first-out (LIFO) method of accounting that a taxpayer use no inventory method for financial reporting or credit purposes other than the LIFO method. Allows a taxpayer who adopts the LIFO method to spread increases in taxable income attributable to such change over a ten-year period.

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Documents

1 official file

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Sources

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