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 10
... FIFO " ) method presumes that the earliest acquired goods are sold first and that the ending inventory consists of the most recent purchases . The last - in , first - out ( " LIFO " ) method presumes that the goods most recently ...
... FIFO " ) method presumes that the earliest acquired goods are sold first and that the ending inventory consists of the most recent purchases . The last - in , first - out ( " LIFO " ) method presumes that the goods most recently ...
Page 11
... FIFO , the taxpayer can elect to value inventory at the lower of cost or market . Thus , when the value of an item of inventory declines below cost , a taxpayer using FIFO may write off the decline in value ( " market writedowns " ) and ...
... FIFO , the taxpayer can elect to value inventory at the lower of cost or market . Thus , when the value of an item of inventory declines below cost , a taxpayer using FIFO may write off the decline in value ( " market writedowns " ) and ...
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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