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 3
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 taxpayer to write down portions of ...
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 taxpayer to write down portions of ...
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... the selling 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 taxpayer's year - end ) . ( 5 ) a > a “ Thor Power decision In Thor Power Tool.
... the selling 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 taxpayer's year - end ) . ( 5 ) a > a “ Thor Power decision In Thor Power Tool.
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a “ Thor Power decision In Thor Power Tool Co. v . Commissioner , decided January 16 , 1979 , the U.S. Supreme Court affirmed decisions of the Seventh Circuit and Tax Court upholding the disallowance of “ excess inventory ” writedowns ...
a “ Thor Power decision In Thor Power Tool Co. v . Commissioner , decided January 16 , 1979 , the U.S. Supreme Court affirmed decisions of the Seventh Circuit and Tax Court upholding the disallowance of “ excess inventory ” writedowns ...
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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 calendar year ...
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 calendar year ...
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Thus , they would have been in compliance with both the Treasury regulations and the Thor Power decision on such inventory writedowns and would not have had to recapture income with respect to that inventory . Issues The principal issue ...
Thus , they would have been in compliance with both the Treasury regulations and the Thor Power decision on such inventory writedowns and would not have had to recapture income with respect to that inventory . Issues The principal issue ...
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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 |