On November 21, 2013, Max Baucus, Chairman of the Senate  Finance Committee, released a proposal to change several provisions related to the taxation of business income including, but not limited to, that earned by corporations. The proposal deals primarily with cost recovery and tax accounting methods.

Many of the proposed changes are similar to ones contained in House Ways and Means Committee Chairman Dave Camp's small business tax reform discussion draft released earlier in the year. Locate the staff discussion draft of Chairman Baucus's proposal, and prepare a PowerPoint presentation of no more than five slides highlighting the major reforms contained in the proposal.