H.R. 5011 — A bill to amend the effective date provision of section 403(b)(3) of the Windfall Profit Tax Act of 1980 (Public Law 96-223) to further defer the effective date of certain provisions providing for the recognition as income of LIFO inventory amounts.

Summary

Amends the Crude Oil Windfall Profit Tax Act of 1980 to delay until December 31, 1982, the effective date of the requirement that in cases of corporate liquidations 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 gain from the sale of such assets.

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Related Legislation

H.R. 4717Miscellaneous Revenue Act of 1982
1982-10-25Became Public Law No: 97-362.
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S. 1839A bill to amend the effective date provision of section 403(b)(3) of the Windfall Profit Tax Act of 1980 (Public Law 96-223) to further defer the effective date of certain provisions providing for the recognition as income of LIFO inventory amounts.
1981-11-16Committee on Finance requested executive comment from OMB; Treasury Department.
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Legislative Actions

1981-11-18
Introduced in House
1981-11-18
Introduced in House
1981-11-18
Referred to House Committee on Ways and Means.
1981-12-09
Committee Hearings Held.
1981-12-09
For Further Action See H.R.4717.

A bill to amend the effective date provision of section 403(b)(3) of the Windfall Profit Tax Act of 1980 (Public Law 96-223) to further defer the effective date of certain provisions providing for the recognition as income of LIFO inventory amounts.

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