Miscellaneous Revenue Act of 1981

[AI summary unavailable — showing source text] Title I: Tax Provisions - Miscellaneous Revenue Act of 1981 - 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 ordinary income. Amends the Internal Revenue Code to provide a ten-year carryback and a five-year carryover of that portion of the net operating loss of the Federal National Mortgage Association (FNMA) which exceeds the FNMA mortgage disposition loss (excess of losses over gains from the sale of mortgages and other debt instruments to the extent of the net operating loss for the taxable year in which the excess occurs). Permits reasonable litigation costs, including attorneys' fees, to be awarded to the prevailing party (other than the United States or a creditor of the prevailing party) in any civil proceeding in any court of the United States for the determination, collection, or refund of any tax, interest, or penalty imposed under the Internal Revenue Code if it is determined that the pos…