Sec. 3312. Modification of rules for capitalization and inclusion in inventory costs of certain expenses
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/bill/113/hr/1/ih/section-3312A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 263A(b) is amended by striking all that follows paragraph
(1)and inserting the following new paragraphs: Real or personal property described in section 1221(a)(1) which is acquired by the taxpayer for resale. This section shall not apply to any property produced or acquired by the taxpayer during any taxable year if the average annual gross receipts of the taxpayer (or any predecessor) for the 3-taxable year period ending with the taxable year preceding such taxable year do not exceed $10,000,000. For purposes of this paragraph, rules similar to the rules of paragraphs
(2)and
(3)of section 448(b) shall apply. For purposes of this subsection, the term tangible personal property shall include a film, sound recording, video tape, book, or similar property. . Section 263A(c) is amended by striking paragraph (5). Section 263A is amended by striking subsection (h). The amendments made by this section shall apply to taxable years beginning after December 31, 2014. In the case of any taxpayer required by the amendments made by this section to change its method of accounting for its first taxable year beginning after December 31, 2014— such change shall be treated as initiated by the taxpayer, and such change shall be treated as made with the consent of the Secretary of the Treasury.