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 1
This is followed by a more detailed description of the bills , including present law , issues , explanation , and effective dates . ( 1 ) a I. SUMMARY 1. S. 578 ( Senators Moynihan , Melcher Introduction.
This is followed by a more detailed description of the bills , including present law , issues , explanation , and effective dates . ( 1 ) a I. SUMMARY 1. S. 578 ( Senators Moynihan , Melcher Introduction.
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Section 1 of S. 578 and S. 1276 – Inventory Writedowns Present law For income tax purposes , inventories are used as a method of determining the cost of goods sold and hence a taxpayer's gross income from the sale of goods .
Section 1 of S. 578 and S. 1276 – Inventory Writedowns Present law For income tax purposes , inventories are used as a method of determining the cost of goods sold and hence a taxpayer's gross income from the sale of goods .
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... Exemption for Small Issue Industrial Development Bonds » Present lavo Interest on certain State and local industrial development bonds is exempt from Federal income tax , pursuant to an exception under present law for " small issues ...
... Exemption for Small Issue Industrial Development Bonds » Present lavo Interest on certain State and local industrial development bonds is exempt from Federal income tax , pursuant to an exception under present law for " small issues ...
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Section 1 of S. 578 and S. 1276 — Inventory Writedowns 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 ...
Section 1 of S. 578 and S. 1276 — Inventory Writedowns 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 ...
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Sections 2 and 3 of S. 578 — 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 ...
Sections 2 and 3 of S. 578 — 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 ...
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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 |