Stubs for Tax Accounting

From The Shelf Project

Repeal LIFO acounting.

Limit percentage depletion to basis.

Repeal the installment method for accrual method taxpayers.

Replace expensing provisions such as 174, 263(c), etc. with 60-month amortization.

Allow certain taxpayers to elect cash flow based accounting, in which loan proceeds are treated as income, capital expenditures need not be depreciated or amortized, and principal payments on loans are treated as expenses.