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 |
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Page 4
Section 2 of S. 578 would allow taxpayers to use LIFO accounting for tax purposes regardless of the method of ... whether or not the taxpayer elects to deduct currently or amortize research expenses under Code section 174 ( Rev. Rul .
Section 2 of S. 578 would allow taxpayers to use LIFO accounting for tax purposes regardless of the method of ... whether or not the taxpayer elects to deduct currently or amortize research expenses under Code section 174 ( Rev. Rul .
Page 5
Section 1 of S. 578 and S. 1276 — Inventory Writedowns Present law Background Gross income from the sale of goods equals ... For Federal income tax purposes , Code section 471 requires a taxpayer to account for inventories in a manner ...
Section 1 of S. 578 and S. 1276 — Inventory Writedowns Present law Background Gross income from the sale of goods equals ... For Federal income tax purposes , Code section 471 requires a taxpayer to account for inventories in a manner ...
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The Court stated that the Congress has given the Internal Revenue Service broad discretion , under Code sections 446 and 471 , to determine whether a particular method of inventory accounting clearly reflects the taxpayer's income .
The Court stated that the Congress has given the Internal Revenue Service broad discretion , under Code sections 446 and 471 , to determine whether a particular method of inventory accounting clearly reflects the taxpayer's income .
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... Supreme Court's 1979 decision in Thor Power and the writedown of excess inventories . The pronouncements required full implementation of the Thor Power decision for taxpayers with 1979 calendar year - ends . Under Code section 446 ...
... Supreme Court's 1979 decision in Thor Power and the writedown of excess inventories . The pronouncements required full implementation of the Thor Power decision for taxpayers with 1979 calendar year - ends . Under Code section 446 ...
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However , present law permits a taxpayer to elect to deduct currently the amount of research or experimental expenditures ... In addition to the favorable deduction treatment provided under Code section 174 for research expenditures ...
However , present law permits a taxpayer to elect to deduct currently the amount of research or experimental expenditures ... In addition to the favorable deduction treatment provided under Code section 174 for research expenditures ...
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Common terms and phrases
$10 million limitation allow taxpayers amortize amount apply to taxable average beginning after December bill capital expenditures Code section conformity conformity requirement continue cost or market December 31 determined disposed disposition Effective date elects to deduct ending inventory exceeding exception excess inventory expenses experimental expenditures future gross income held higher income tax industrial development bonds interest Internal Revenue Service inven inventory accounting less LIFO lower of cost market value market writedowns method of accounting method of inventory months offered paid period Present law Proc provisions qualified small businesses realizable recapture regulations relating replacement requirement research and experimental research expenditures research expenses research or experimental respect Ruling Senators small issue industrial sold statement taken into account tax purposes taxable income taxable years beginning taxable years ending taxpayer elects Thor Power decision tion trade or business write written
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 |