A bill to amend the Internal Revenue Code to change certain accounting rules related to inventory.

Amends the Internal Revenue Code to allow taxpayers to value excess inventory at its net realizable value.

Eliminates the qualification requirement for the last-in, first-out (LIFO) method of accounting that a taxpayer use no inventory method for financial reporting or credit purposes other than the LIFO method.

Allows a taxpayer who adopts the LIFO method to spread increases in taxable income attributable to such change over a ten-year period.