-188-
see Department of the Treasury, General Explanation of the
President’s Budget Proposals Affecting Receipts 89-90 (Jan. 30,
1992), overlapped the G-30’s preparation of the G-30 report and
was released only a few months after the Treasury Department
published section 1.446-4, Proposed Income Tax Regs., supra, and
released its 1991 report, Modernizing the Financial System:
Recommendations for Safer, More Competitive Banks (Feb. 1991).
In describing the reasons for section 475, both Congress and
the President emphasized that the change in tax accounting rules
would simply move tax accounting to the already accepted
financial accounting treatment. H. Rept. 103-111, supra at 661,
1993-3 C.B. at 237 (“Inventories of securities generally are
easily valued at year end, and, in fact, are currently valued at
market by securities dealers in determining their income for
financial statement purposes.”); see also Department of the
Treasury, General Explanation of the President’s Budget Proposals
Affecting Receipts 36 (Feb. 25, 1993); Department of the
Treasury, General Explanation of the President’s Budget Proposals
Affecting Receipts 89-90 (Jan. 30, 1992). Congress also
expressed its expectation “that the Treasury Department will
authorize the use of valuation methods that will alleviate
unnecessary compliance burdens for taxpayers and clearly reflect
income for Federal income tax purposes”, H. Conf. Rept. 103-213,
supra at 616, 1993-3 C.B. at 494, thus implying that the
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