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
... income ( Thor Power Tool Co. v . Commissioner ) . Subsequently , the Internal Revenue Service issued Revenue Procedure 80-5 and Revenue Ruling 80-60 to implement the Thor Power decision . S. 578 , Section 1 Section 1 of S. 578 would ...
... income ( Thor Power Tool Co. v . Commissioner ) . Subsequently , the Internal Revenue Service issued Revenue Procedure 80-5 and Revenue Ruling 80-60 to implement the Thor Power decision . S. 578 , Section 1 Section 1 of S. 578 would ...
Page 7
... Revenue Service's determination that the write- down did not clearly reflect income , as required by the regulations ... 80-5 , the taxpayer would be filing its tax return " not in accordance with the law . " The implication of this last ...
... Revenue Service's determination that the write- down did not clearly reflect income , as required by the regulations ... 80-5 , the taxpayer would be filing its tax return " not in accordance with the law . " The implication of this last ...
Page 8
... income with respect to that inventory . Issues The principal issue is whether taxpayers should be able to write down ... 80-5 should be delayed from 1979 to 1981 . Explanation of provisions S. 578 , Section 1 S. 578 would allow taxpayers ...
... income with respect to that inventory . Issues The principal issue is whether taxpayers should be able to write down ... 80-5 should be delayed from 1979 to 1981 . Explanation of provisions S. 578 , Section 1 S. 578 would allow taxpayers ...
Page 9
... 80-5 , would be able to change the method of accounting for any such taxable year back to the method of accounting that had been previously used . This change could be made without the consent of the Revenue Service by filing an amended tax ...
... 80-5 , would be able to change the method of accounting for any such taxable year back to the method of accounting that had been previously used . This change could be made without the consent of the Revenue Service by filing an amended tax ...
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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