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
... 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 ( Thor Power Tool Co. v . Commissioner ) ...
... 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 ( Thor Power Tool Co. v . Commissioner ) ...
Page 6
... U.S. Supreme Court affirmed decisions of the Seventh Circuit and Tax Court upholding the disallowance of " excess inventory " write- downs which failed to satisfy the requirements under the section 471 regulations for writedowns of ...
... U.S. Supreme Court affirmed decisions of the Seventh Circuit and Tax Court upholding the disallowance of " excess inventory " write- downs which failed to satisfy the requirements under the section 471 regulations for writedowns of ...
Page 7
... Supreme Court also rejected the taxpayer's argument that con- formity to generally accepted accounting principles gave rise to a presumption of clear reflection of income . Because income tax rules have different objectives than ...
... Supreme Court also rejected the taxpayer's argument that con- formity to generally accepted accounting principles gave rise to a presumption of clear reflection of income . Because income tax rules have different objectives than ...
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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