Sec. 302. Prohibition on using last-in, first-out accounting for major integrated oil companies

171 words·~1 min read·/bill/113/hr/699/ih/section-302

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Section 472 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: Notwithstanding any other provision of this section, a major integrated oil company (as defined in section 167(h)(5)(B)) may not use the method provided in subsection

(b)in inventorying of any goods. . The amendment made by subsection

(a)shall apply to taxable years ending after December 31, 2013. In the case of any taxpayer required by the amendment made by this section to change its method of accounting for its first taxable year ending after December 31, 2013— such change shall be treated as initiated by the taxpayer, such change shall be treated as made with the consent of the Secretary of the Treasury, and the net amount of the adjustments required to be taken into account by the taxpayer under section 481 of the Internal Revenue Code of 1986 shall be taken into account ratably over a period (not greater than 8 taxable years) beginning with such first taxable year.