; table of contents. TITLE I—Start-up and organizational business expenses Sec. 101. Unification and expansion of deduction for start-up and organizational expenditures. TITLE II—Accounting methods Sec. 201. Modifications of gross receipts test for use of cash method of accounting by corporations and partnerships. Sec. 202. Clarification of inventory accounting rules for small businesses. Sec. 203. Modification of rules for capitalization and inclusion in inventory costs of certain expenses. Sec. 204. Increase in gross receipts test for construction contract exception to percentage of completion method. TITLE III—Modifications of expensing and cost recovery rules Subtitle A—Expensing rules Sec. 301. Modifications of rules for expensing depreciable business assets. Subtitle B—Cost recovery rules Sec. 311. 50-percent expensing made permanent. Sec. 312. Modifications of treatment of certain farm property. Sec. 313. Secretarial requirement to reexamine economic depreciation for classes of depreciable property. Sec. 314. Modifications to depreciation limitations on luxury automobiles and personal use property. Sec. 315. Reduction in amortization period for intangibles. I Start-up and organizational business expenses 101. Unification and expansion of deduction for start-up and organizational expenditures (a) Unification (1) In general Subsection (a) of section 195 is amended by inserting and organizational after start-up . (2) Organizational expenditures Subsection (c) of section 195 is amended by adding at the end the following new paragraph: (3) Organizational expenditures The term organizational expenditures means any expenditure which— (A) is incident to the creation of a corporation or a partnership, (B) is chargeable to capital account, and (C) is of a character which, if expended incident to the creation of a corporation or a partnership having an ascertainable life, would be amortizable over such life. . (3) Conforming amendment Section 195(b)(1) is amended by inserting or organizational after start-up each