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
... ( Reg . § 1.471-2 ( c ) ) . In 1979 , the U.S. Supreme Court upheld the disallowance of inven- tory writedowns which failed to comply with these Treasury regula- tions , on the ground that such writedowns fail to clearly reflect income ...
... ( Reg . § 1.471-2 ( c ) ) . In 1979 , the U.S. Supreme Court upheld the disallowance of inven- tory writedowns which failed to comply with these Treasury regula- tions , on the ground that such writedowns fail to clearly reflect income ...
Page 5
... Treasury reg- ulations provide that the two most commonly used bases for valuing inventories which satisfy these requirements are ( 1 ) cost and ( 2 ) the lower of cost or market ( Reg . § 1.471-2 ( c ) ) . A taxpayer using the latter ...
... Treasury reg- ulations provide that the two most commonly used bases for valuing inventories which satisfy these requirements are ( 1 ) cost and ( 2 ) the lower of cost or market ( Reg . § 1.471-2 ( c ) ) . A taxpayer using the latter ...
Page 7
... Treasury regulations that would have mitigated the income recapture required under the Thor Power decision . Under the 1980-1 C.B. 582 . 1980-1 C.B. 446 . regulations , normal goods may be written down to below.
... Treasury regulations that would have mitigated the income recapture required under the Thor Power decision . Under the 1980-1 C.B. 582 . 1980-1 C.B. 446 . regulations , normal goods may be written down to below.
Page 8
... Treasury regulations and the 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 ...
... Treasury regulations and the 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 ...
Page 11
... Treasury regulations have been issued that allow taxpayers using LIFO to dis- close in their financial statements the amount of earnings they would have had on a non - LIFO basis . However , although the regulations allow the taxpayer ...
... Treasury regulations have been issued that allow taxpayers using LIFO to dis- close in their financial statements the amount of earnings they would have had on a non - LIFO basis . However , although the regulations allow the taxpayer ...
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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
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 |