Small Business Inventory Simplification Act of 1980 - Amends the Internal Revenue Code to allow a qualified small business to elect the cash method of accounting regardless of any requirement to use inventories if: (1) the average annual gross receipts for the three preceding taxable years do not exceed $1,500,000; and (2) such small business was qualified for each of the two preceding taxable years.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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