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
Results 1-5 of 6
Page 3
... allow a taxpayer to write down portions of inventories to net realizable value based on a five - year average of items in that inventory that were disposed of at less than cost . This ... allow taxpayers to use Introduction__ Summary-
... allow a taxpayer to write down portions of inventories to net realizable value based on a five - year average of items in that inventory that were disposed of at less than cost . This ... allow taxpayers to use Introduction__ Summary-
Page 4
Scheduled for a Hearing Before the Subcommittee on Taxation and Debt Management of the Committee on Finance on September 25, 1981. Section 2 of S. 578 would allow taxpayers to use LIFO accounting for tax purposes regardless of the method ...
Scheduled for a Hearing Before the Subcommittee on Taxation and Debt Management of the Committee on Finance on September 25, 1981. Section 2 of S. 578 would allow taxpayers to use LIFO accounting for tax purposes regardless of the method ...
Page 7
... taxpayers with 1979 calendar year - ends . Under Code section 446 , a taxpayer may not change the method under which ... permission to change to the proper method of accounting for excess inventories and , under the requirement that they ...
... taxpayers with 1979 calendar year - ends . Under Code section 446 , a taxpayer may not change the method under which ... permission to change to the proper method of accounting for excess inventories and , under the requirement that they ...
Page 8
... allow taxpayers to value excess inventory at net realiz- able value . The bill would define excess inventory as that portion of the taxpayer's ending inventory which the taxpayer reasonably expects will be disposed of at less than full ...
... allow taxpayers to value excess inventory at net realiz- able value . The bill would define excess inventory as that portion of the taxpayer's ending inventory which the taxpayer reasonably expects will be disposed of at less than full ...
Page 10
... allowed the use of LIFO by taxpayers in a few specified industries , and in 1939 , by all taxpayers . However , it was unclear at that time whether the accounting profession accepted LIFO as clearly reflecting income for purposes of ...
... allowed the use of LIFO by taxpayers in a few specified industries , and in 1939 , by all taxpayers . However , it was unclear at that time whether the accounting profession accepted LIFO as clearly reflecting income for purposes of ...
Other editions - View all
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