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

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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Timeline

1. 26 February 1981

   Committee

   Subcommittee on Taxation and Debt Management took the following actions.

   Source: Committee

2. 26 February 1981

   Introduced

   Read second time and referred to Senate Committee on Finance.

   Source: IntroReferral

3. 26 February 1981

   Introduced

   Introduced in Senate

   Source: IntroReferral

4. 3 March 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 · 26 February 1981

  Open at official source

Sponsors

• Sen. Moynihan, Daniel Patrick [D-NY] · D · Sponsor
• Sen. Melcher, John [D-MT] · D · Sponsor
• Sen. Eagleton, Thomas F. [D-MO] · D · Sponsor
• Sen. East, John P. [R-NC] · R · Sponsor
• Sen. Williams, Harrison A., Jr. [D-NJ] · D · Sponsor
• Sen. Baucus, Max [D-MT] · D · Sponsor
• Sen. Inouye, Daniel K. [D-HI] · D · Cosponsor
• Sen. Sarbanes, Paul S. [D-MD] · D · Cosponsor
• Sen. Armstrong, William L. [R-CO] · R · Cosponsor
• · ssfi00 · Standing

Related records

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