A bill to amend the effective date provision of section 403(b)(3) of the Windfall Profit Tax Act of 1980 (Public Law 96-223) to further defer the effective date of certain provisions providing for the recognition as income of LIFO inventory amounts.

[AI summary unavailable — showing source text] 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.…