Editorial Notes
Amendments1986—Puspan. L. 99–514 amended section generally, substituting provisions relating to election by eligible small business to use simplified dollar-value method of pricing inventories for purposes of LIFO method for provisions relating to election by eligible small business which uses dollar-value method of pricing inventories under method provided by section 472(span) of this title to use one inventory pool for any trade or business of such eligible small business.
Statutory Notes and Related Subsidiaries
Effective Date of 1986 AmendmentPuspan. L. 99–514, title VIII, § 802(c), Oct. 22, 1986, 100 Stat. 2350, provided that:“(1)In general.—The amendments made by this section [amending this section] shall apply to taxable years beginning after December 31, 1986.
“(2)Treatment of taxpayers who made elections under existing section 474.—The amendments made by this section shall not apply to any taxpayer who made an election under section 474 of the Internal Revenue Code of 1954 (as in effect on the day before the date of the enactment of this Act [Oct. 22, 1986]) for any period during which such election is in effect. Notwithstanding any provision of such section 474 (as so in effect), an election under such section may be revoked without the consent of the Secretary.”
Effective DatePuspan. L. 97–34, title II, § 237(c), Aug. 13, 1981, 95 Stat. 253, provided that: “The amendments made by this section [enacting this section] shall apply to taxable years beginning after December 31, 1981.”
