Sec. 801. Repeal of last-in, first-out method of inventory
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/bill/113/s/277/is/section-801·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Subpart D of part II of subchapter E of chapter 1 is amended by striking sections 472 (relating to last-in, first-out inventories), 473 (relating to qualified liquidations of LIFO inventories), and 474 (relating to simplified dollar-value LIFO method for certain small businesses). Section 312(n) is amended by striking paragraph
(4)and by redesignating paragraphs
(5)through
(8)as paragraphs
(4)through (7), respectively. Section 312(n)(7), as redesignated by subparagraph (A), is amended— by striking paragraphs
(4)and
(6)in subparagraph
(A)and inserting paragraph
(5), and by striking paragraph
(5)in subparagraph
(B)and inserting paragraph
(4). Section 56(g)(4)(D) is amended by striking clause
(iii)and by redesignating clause
(iv)as clause (iii). Section 1363 is amended by striking subsection (d). The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act. 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 the date of the enactment of this Act— 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 if 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 is positive, such amount shall be taken into account over a period of 8 years beginning with such first taxable year.