S 311 · 100th Congress · Taxation
A bill to amend the Internal Revenue Code of 1986 to preclude all corporations engaged in farm product processing with gross receipts in excess of $100,000,000 from using cash accounting.
Bill Progress
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Introduced2
Committee3
Senate Vote4
House5
EnactedLatest: Read twice and referred to the Committee on Finance.(1987-01-14)
Plain Language Summary
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Amends the Internal Revenue Code to deny the use of the cash method of accounting for all corporations engaged in farm product processing with gross receipts in excess of $100,000,000. (Present law allows corporations with gross receipts of $1,000,000 or less to use the cash method of accounting.)…
Summarized by Claude AI · Non-partisan · For informational purposes only