Description of Tax Bills (S. 578, S. 768, S. 1276, and S. 1472): Scheduled for a Hearing Before the Subcommittee on Taxation and Debt Management of the Committee on Finance on September 25, 1981U.S. Government Printing Office, 1981 - 14 pages |
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Page 3
... 578 , Section 1 Section 1 of S. 578 would allow a taxpayer to write down portions of inventories to net realizable value based on a five - year average of items in that inventory that were disposed of at less than cost . This provision ...
... 578 , Section 1 Section 1 of S. 578 would allow a taxpayer to write down portions of inventories to net realizable value based on a five - year average of items in that inventory that were disposed of at less than cost . This provision ...
Page 4
... 578 would allow taxpayers to use LIFO accounting for tax purposes regardless of the method of inventory accounting used for purposes of financial statements . Section 3 of the bill would extend the three - year recapture of inventory ...
... 578 would allow taxpayers to use LIFO accounting for tax purposes regardless of the method of inventory accounting used for purposes of financial statements . Section 3 of the bill would extend the three - year recapture of inventory ...
Page 6
... permit writedowns without objective evidence of the inventory's value ( e.g. , actual sales prices during the year ) would allow a taxpayer " to determine how much tax it wanted to pay for a given year . 99 The taxpayer in Thor Power ...
... permit writedowns without objective evidence of the inventory's value ( e.g. , actual sales prices during the year ) would allow a taxpayer " to determine how much tax it wanted to pay for a given year . 99 The taxpayer in Thor Power ...
Page 8
... 578 , Section 1 S. 578 would allow taxpayers to value excess inventory at net realiz- able value . The bill would define excess inventory as that portion of the taxpayer's ending inventory which the taxpayer reasonably expects will be ...
... 578 , Section 1 S. 578 would allow taxpayers to value excess inventory at net realiz- able value . The bill would define excess inventory as that portion of the taxpayer's ending inventory which the taxpayer reasonably expects will be ...
Page 10
... allowed the use of LIFO by taxpayers in a few specified industries , and in 1939 , by all taxpayers . However , it was ... would be the case with FIFO , these comparatively lower earnings are also reflected in the taxpayer's published ...
... allowed the use of LIFO by taxpayers in a few specified industries , and in 1939 , by all taxpayers . However , it was ... would be the case with FIFO , these comparatively lower earnings are also reflected in the taxpayer's published ...
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Common terms and phrases
$10 million limitation 578 would allow 80-5 and Revenue account for purposes accounting for inventories allow taxpayers apply to taxable beginning after December capital ex change to LIFO clearly reflect income conformity requirement cost or market December 25 December 31 deduct currently Economic Recovery Tax Effective date elects to deduct ending inventory excess inventory exempt small issue FIFO industrial development bonds Interest Exemption Internal Revenue Service inven inventory accounting inventory items inventory writedowns issue industrial development lower of cost March 11 market value market writedowns method of accounting method of inventory net realizable value obligations issued Proc provisions qualified small businesses Recovery Tax Act research and experimental research expenditures research expenses research or experimental Revenue Procedure 80-5 Revenue Ruling 80-60 small issue industrial taxable years beginning taxable years ending taxpayer elects taxpayers using LIFO Thor Power decision tory writedowns trade or business Treasury regulations U.S. Supreme Court value will result
Bibliographic information
| Title | Description of Tax Bills (S. 578, S. 768, S. 1276, and S. 1472): Scheduled for a Hearing Before the Subcommittee on Taxation and Debt Management of the Committee on Finance on September 25, 1981 |
| Contributors | United States. Congress. Senate. Committee on Finance. Subcommittee on Taxation and Debt Management, United States. Congress. Joint Committee on Taxation |
| Publisher | U.S. Government Printing Office, 1981 |
| Original from | Purdue University |
| Digitized | 27 Aug 2012 |
| Length | 14 pages |
| Export Citation | BiBTeX EndNote RefMan |