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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Results 1-5 of 6
Page 3
... ( Thor Power Tool Co. v . Commissioner ) . Subsequently , the Internal Revenue Service issued Revenue Procedure 80-5 and Revenue Ruling 80-60 to implement the Thor Power decision . S. 578 , Section 1 Section 1 of S. 578 would allow a ...
... ( Thor Power Tool Co. v . Commissioner ) . Subsequently , the Internal Revenue Service issued Revenue Procedure 80-5 and Revenue Ruling 80-60 to implement the Thor Power decision . S. 578 , Section 1 Section 1 of S. 578 would allow a ...
Page 5
... price at which the goods are actually offered for sale during a period ending not later than 30 days after the inventory date ( generally , the tax- payer's year - end ) . ( 5 ) " Thor Power " decision In Thor Power Tool Co.
... price at which the goods are actually offered for sale during a period ending not later than 30 days after the inventory date ( generally , the tax- payer's year - end ) . ( 5 ) " Thor Power " decision In Thor Power Tool Co.
Page 6
... Thor Power " decision In Thor Power Tool Co. v . Commissioner , 1 decided January 16 , 1979 , the U.S. Supreme Court affirmed decisions of the Seventh Circuit and Tax Court upholding the disallowance of " excess inventory " write- downs ...
... Thor Power " decision In Thor Power Tool Co. v . Commissioner , 1 decided January 16 , 1979 , the U.S. Supreme Court affirmed decisions of the Seventh Circuit and Tax Court upholding the disallowance of " excess inventory " write- downs ...
Page 7
... Ruling 80-60 . Both pronouncements dealt with the 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 ...
... Ruling 80-60 . Both pronouncements dealt with the 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 ...
Page 8
... Thor Power decision on such inven- tory writedowns and would not have had to recapture income with respect to that inventory . Issues The principal issue is whether taxpayers should be able to write down the value of excess inventories ...
... Thor Power decision on such inven- tory writedowns and would not have had to recapture income with respect to that inventory . Issues The principal issue is whether taxpayers should be able to write down the value of excess inventories ...
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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