A bill to amend the Internal Revenue Code to change certain accounting rules related to inventory, and for other purposes.

Amends the Internal Revenue Code to allow taxpayers to value excess inventory at its net realizable value. Defines "excess inventory" as that part of inventory which the taxpayer reasonably expects will be disposed of at less than full realization of cost.

Allows taxpayers to spread over ten years any increases in inventory value due to a change from the first in, first out (FIFO) to the last in, first out (LIFO) method of accounting.