HR 4678 · 97th Congress · Taxation
A bill to amend the Internal Revenue Code of 1954 to repeal LIFO recapture in the case of certain corporate liquidations.
Bill Progress
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Introduced2
Committee3
House Vote4
Senate5
EnactedLatest: Referred to House Committee on Ways and Means.(1981-10-05)
Plain Language Summary
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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.…
Summarized by Claude AI · Non-partisan · For informational purposes only