[Congressional Record Volume 163, Number 195 (Thursday, November 30, 2017)]
[Senate]
[Page S7599]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1735. Mr. ROUNDS (for himself, Mr. Hatch, Mr. Perdue, and Mr. 
Crapo) submitted an amendment intended to be proposed to amendment SA 
1618 proposed by Mr. McConnell (for Mr. Hatch (for himself and Ms. 
Murkowski)) to the bill H.R. 1, to provide for reconciliation pursuant 
to titles II and V of the concurrent resolution on the budget for 
fiscal year 2018; which was ordered to lie on the table; as follows:

       On page 171, beginning with line 17, strike all through 
     page 172, line 17, and insert the following:
       ``(b) Inclusion Not Later Than for Financial Accounting 
     Purposes.--
       ``(1) Income taken into account in financial statement.--
       ``(A) In general.--In the case of a taxpayer the taxable 
     income of which is computed under an accrual method of 
     accounting, the all events test with respect to any item of 
     gross income (or portion thereof) shall not be treated as met 
     any later than when such item (or portion thereof) is taken 
     into account as revenue in--
       ``(i) an applicable financial statement of the taxpayer, or
       ``(ii) such other financial statement as the Secretary may 
     specify for purposes of this subsection.
       ``(B) Exception.--This paragraph shall not apply to--
       ``(i) a taxpayer which does not have a financial statement 
     described in clause (i) or (ii) of subparagraph (A) for a 
     taxable year, or
       ``(ii) any item of gross income in connection with a 
     mortgage servicing contract.
       ``(C) All events test.--For purposes of this section, the 
     all events test is met with respect to any item of gross 
     income if all the events have occurred which fix the right to 
     receive such income and the amount of such income can be 
     determined with reasonable accuracy.
       ``(2) Coordination with special methods of accounting.--
     Paragraph (1) shall not apply with respect to any item of 
     gross income for which the taxpayer uses a special method of 
     accounting provided under any other provision of this 
     chapter, other than any provision of part V of subchapter P 
     (except as provided in clause (ii) of paragraph (1)(B)).
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