CONTENTS

Page

I

3

5

5

Introduction..

I. Summary -

II. Description of Bills

1. S. 578 (Senators Moynihan, Melcher, Eagleton, East,

Williams, Baucus, Inouye, and Sarbanes), and S. 1276

(Senators Durenberger, Melcher, Boschwitz, Zorinsky,

and Grassley).

a. Section 1 of S. 578 and S. 1276—Inventory write-

downs.

b. Sections 2 and 3 of S. 578—LIFO inventories..

2. S. 768 (Senator Moynihan), and S. 1472 (Senator

Denton): Exclusion of research expenses from capital

expenditure limitation on interest exemption for small

issue industrial development bonds-

5

10

12

(TTI)