A bill to amend the Internal Revenue Code of 1954 to repeal LIFO recapture in the case of certain corporate liquidations.

Amends the Internal Revenue Code to repeal the requirement, with respect to liquidation plans adopted after December 31, 1981, that a corporation inventorying goods under the last-in, first-out (LIFO) method of accounting treat the LIFO recapture amount with respect to distributed inventory assets as ordinary income.