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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... LIFO inventories . 2. S. 768 ( Senator Moynihan ) , and S. 1472 ( Senator Denton ) : Exclusion of research expenses from capital expenditure limitation on interest exemption for small issue industrial development bonds . ( III ) Page I ...
... LIFO inventories . 2. S. 768 ( Senator Moynihan ) , and S. 1472 ( Senator Denton ) : Exclusion of research expenses from capital expenditure limitation on interest exemption for small issue industrial development bonds . ( III ) Page I ...
Page 1
... LIFO inventories ) ; S. 768 and S. 1472 ( re- lating to exclusion of research expenses from capital expenditure limitation on interest exemption for small issue industrial development bonds ) ; and S. 1276 ( relating to inventory ...
... LIFO inventories ) ; S. 768 and S. 1472 ( re- lating to exclusion of research expenses from capital expenditure limitation on interest exemption for small issue industrial development bonds ) ; and S. 1276 ( relating to inventory ...
Page 3
... LIFO Inventories Under present law , taxpayers that elect to use the LIFO method of accounting for inventories must use LIFO for purposes of their finan- cial statements ( sec . 472 ) . Also , taxpayers electing LIFO must in- clude in ...
... LIFO Inventories Under present law , taxpayers that elect to use the LIFO method of accounting for inventories must use LIFO for purposes of their finan- cial statements ( sec . 472 ) . Also , taxpayers electing LIFO must in- clude in ...
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... 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 writedowns to ten years . The ...
... 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 writedowns to ten years . The ...
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... LIFO Inventories Present law Background Gross income from the sale of goods equals gross sales receipts less the cost of goods sold . The computation of cost of goods sold is made by taking the beginning inventory , adding the purchases ...
... LIFO Inventories Present law Background Gross income from the sale of goods equals gross sales receipts less the cost of goods sold . The computation of cost of goods sold is made by taking the beginning inventory , adding the purchases ...
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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