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
... tax purposes , inventories are used as a method of deter- mining the cost of goods sold and hence a taxpayer's ... Recovery Tax Act of 1981 , this income is to be taken into account ratably over the three - year period beginning ...
... tax purposes , inventories are used as a method of deter- mining the cost of goods sold and hence a taxpayer's ... Recovery Tax Act of 1981 , this income is to be taken into account ratably over the three - year period beginning ...
Page 11
... income in such preceding year . Thus , in the year of change to LIFO all items of beginning inventory will be carried at cost . In the Economic Recovery Tax Act of 1981 ( P.L. 97-34 ) , the Con- gress amended the rules relating to the ...
... income in such preceding year . Thus , in the year of change to LIFO all items of beginning inventory will be carried at cost . In the Economic Recovery Tax Act of 1981 ( P.L. 97-34 ) , the Con- gress amended the rules relating to the ...
Page 13
... Recovery Tax Act of 1981 provides a 25 - percent tax credit for certain research and experimental expenditures paid in carrying on a trade or business of the taxpayer to the extent exceeding the amount of such expendi- tures during a ...
... Recovery Tax Act of 1981 provides a 25 - percent tax credit for certain research and experimental expenditures paid in carrying on a trade or business of the taxpayer to the extent exceeding the amount of such expendi- tures during a ...
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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