,,ii  #aah? ,,congress  #a/ ,session    
,s4 #ddc  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,febru>y #ae1 #bjbc,mr4
 ,br[n 7= himself1 ,mr4 ,scott ( ,s\?   
,c>ol9a1 ,ms4 ,baldw91 ,mr4 ,blum5?al1  
,mr4 ,c>d91 ,mr4 ,c>p]1 ,mr4 ,coons1    
,ms4 ,cortez ,ma/o1 ,ms4 ,duckwor?1     
,mrs4 ,fe9/e91 ,ms4 ,hassan1 ,mr4       
,kelly1 ,mr4 ,k+1 ,ms4 ,klobu*>1 ,mr4   
,man*91 ,mrs4 ,murray1 ,mr4 ,padilla1   
,mr4 ,pet]s1 ,mrs4 ,%ahe51 ,ms4 ,smi?1  
,ms4 ,/ab5[1 ,mr4 ,te/]1 ,mr4 ,van      
,holl51 ,mr4 ,w>nock1 ,mr4 ,b>rasso1    
,mrs4 ,blackburn1 ,mr4 ,boozman1 ,mr4   
,braun1 ,mrs4 ,capito1 ,mr4 ,cassidy1   
,mr4 ,cornyn1 ,mr4 ,cram]1 ,mr4 ,crapo1 
,mr4 ,da9es1 ,mr4 ,grassley1 ,mr4       
,hag]ty1 ,mr4 ,hoev51 ,mrs4 ,hyde-,smi?1
 ,mr4 ,johnson1 ,mr4 ,lank=d1 ,ms4      
,lummis1 ,mr4 ,m>%all1 ,mr4 ,moran1 ,mr4
 ,ris*1 ,mr4 ,r\nds1 ,mr4 ,rubio1 ,mr4  
,scott ( ,florida1 ,mr4 ,?une1 ,mr4     
,tillis1 & ,mr4 ,wick]7 introduc$ !     
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ,f9ance  ,a ,,bill   

,to treat c]ta9 liquidations ( new motor
 vehicle inv5tory z qualifi$            
liquidations ( ,,lifo inv5tory =        
purposes ( ! ,int]nal ,rev5ue ,code (   
#aihf4  #a4 ,%ort title ,?is ,act may be
 cit$ z ! ,supply ,*a9 ,disruptions     
,relief ,act4  #b4 ,treatm5t ( c]ta9    
liquidations ( new motor vehicle        
inv5tory z qualifi$ liquidations (      
,,lifo inv5tory  7a7 ,9 g5]al ,9 ! case 
( any deal] ( new motor vehicles :i*    
inv5tories new motor vehicles "u !      
,,lifo me?od = any specifi$ taxable ye>1
 ! requirem5ts ( p>agraphs 7#a77;,b7 &  
7#b7 ( section #dgc7;c7 ( ! ,int]nal    
,rev5ue ,code ( #aihf %all be treat$ z  
satisfi$ ) respect to su* inv5tory = su*
 taxable ye>4  7b7 ,additional relief   
7#a7 ,9 g5]al ,! ,secret>y %all1 n lat] 
?an ! date :i* is #ij days aft] ! date (
 ! enactm5t ( ?is ,act1 prescribe       
regulations or o!r guidance "u :i*      
deal]s ( new motor vehicles ) a qualifi$
 liquidation 7det]m9$ aft] application (
 subsection 7a77 ( new motor vehicles = 

any specifi$ taxable ye> may elect--    
7,a7 to n recognize any income 9 !      
specifi$ taxable ye> :i* is solely      
attributable to su* qualifi$            
liquidation1 &  7,b7 to treat !         
replacem5t p]iod ) respect to su*       
liquidation z be+ ! p]iod beg9n+ ) !    
fir/ taxable ye> aft] su* specifi$      
taxable ye> & end+ ) ! e>li] (-- 7i7 !  
fir/ taxable ye> aft] su* liquidation ) 
respect to :i* su* deal] does n inv5tory
 new motor vehicles "u ! ,,lifo me?od1  
or  7ii7 ! la/ taxable ye> end+ be=e    
,janu>y #a1 #bjbf4  7#b7 ,failure to    
fully replace liquidat$ vehicles dur+   
replacem5t p]iod ,if1 z ( ! close ( !   
replacem5t p]iod1 ! taxpay] has fail$ to
 replace all liquidat$ vehicles )       
respect to a qualifi$ liquidation to :i*
 p>agraph 7#a7 applies1 ! taxpay] %all  
increase gross income = ! la/ taxable   
ye> ( ! replacem5t p]iod by ! sum (--   
7,a7 ! aggregate am\nt ( income t w\ld h
 be5 requir$ to be recogniz$ 9 !        
liquidation ye> _h ! taxpay] elect$ to  

apply ! provisions ( section #dgc ( !   
,int]nal ,rev5ue ,code ( #aihf & n made 
! election 9 p>agraph 7#a71 plus  7,b7  
int]e/ !reon at ! und]paym5t rate       
e/abli%$ "u section #ffba ( su* ,code4  
7#c7 ,elections  7,a7 ,9 g5]al ,except  
to ! ext5t provid$ 9 subp>agraph 7,b71  
an election "u p>agraph 7#a7 ) respect  
to any specifi$ taxable ye> %all be made
 by ! due date 7includ+ ext5sions7 =    
fil+ ! taxpay]'s return ( tax = su*     
taxable ye> & 9 su* mann] z ! ,secret>y 
may prescribe4 ,once made1 any su*      
election %all be irrevocable4  7,b7     
,c]ta9 elections treat$ z *ange 9 me?od 
( acc\nt+ ,9 ! case ( an election )     
respect to a specifi$ taxable ye> = :i* 
! return ( tax has already be5 fil$ be=e
 ! date ( ! enactm5t ( ?is ,act1 any    
election "u p>agraph 7#a7 = su* specifi$
 taxable ye> may be made on ! return (  
tax = ! fir/ taxable ye> end+ aft] !    
date ( ! enactm5t ( ?is ,act & %all be  
treat$ = purposes ( section #dha ( !    
,int]nal ,rev5ue ,code ( #aihf z a *ange

 9 me?od ( acc\nt+ initiat$ by ! taxpay]
 & made ) ! cons5t ( ! ,secret>y4  7c7  
,def9itions ,= purposes ( ?is section-- 
7#a7 ,specifi$ taxable ye> ,! t]m       
specifi$ taxable ye> means any          
liquidation ye> end+ aft] ,m>* #ab1     
#bjbj1 & be=e ,janu>y #a1 #bjbb4  7#b7  
,new motor vehicle ,! t]m new motor     
vehicle means a motor vehicle-- 7,a7 :i*
 is describ$ 9 section                  
#afc7;j77#i77;,c77i7 ( ! ,int]nal       
,rev5ue ,code ( #aihf1 &  7,b7 ! orig9al
 use ( :i* has n comm5c$4  7#c7         
,secret>y ,! t]m ,secret>y means !      
,secret>y ( ! ,treasury or ! ,secret>y's
 delegate4  7#d7 ,o!r t]ms ,except z    
o!rwise provid$ 9 ?is section1 t]ms us$ 
9 ?is section :i* are also us$ 9 section
 #dgc ( ! ,int]nal ,rev5ue ,code ( #aihf
 %all h ! same mean+ z :5 us$ 9 su*     
section #dgc4