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 |
From inside the book
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Page 3
... inventory accounting or , in the case of " subnormal " goods , if the goods are actually sold below cost within a relatively short period after the inventory date ( Reg . § 1.471-2 ( c ) ) . In 1979 , the U.S. Supreme Court upheld the ...
... inventory accounting or , in the case of " subnormal " goods , if the goods are actually sold below cost within a relatively short period after the inventory date ( Reg . § 1.471-2 ( c ) ) . In 1979 , the U.S. Supreme Court upheld the ...
Page 5
... inventories in a manner that conforms as nearly as possible to the best accounting practice in the taxpayer's trade or business and most clearly reflects the taxpayer's income . Treasury reg- ulations provide that the two most commonly ...
... inventories in a manner that conforms as nearly as possible to the best accounting practice in the taxpayer's trade or business and most clearly reflects the taxpayer's income . Treasury reg- ulations provide that the two most commonly ...
Page 6
... inventory accounting , " the Supreme Court stated that to permit writedowns without objective evidence of the inventory's value ( e.g. , actual sales prices during the year ) would allow a taxpayer " to determine how much tax it wanted ...
... inventory accounting , " the Supreme Court stated that to permit writedowns without objective evidence of the inventory's value ( e.g. , actual sales prices during the year ) would allow a taxpayer " to determine how much tax it wanted ...
Page 7
... accounting principles gave rise to a presumption of clear reflection of ... inventories . The pronouncements required full implementation of the Thor ... accounting method unless it secures consent to change . With respect to the ...
... accounting principles gave rise to a presumption of clear reflection of ... inventories . The pronouncements required full implementation of the Thor ... accounting method unless it secures consent to change . With respect to the ...
Page 8
... inventory for sale at reduced prices in 1979. Thus , they would have been in ... inventories that continue to be sold at prices in excess of cost . A ... accounting for a taxable year ending after 9 December 24 , 1979 and before ...
... inventory for sale at reduced prices in 1979. Thus , they would have been in ... inventories that continue to be sold at prices in excess of cost . A ... accounting for a taxable year ending after 9 December 24 , 1979 and before ...
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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