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
S. 578 , Section 1 Section 1 of S. 578 would 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 .
S. 578 , Section 1 Section 1 of S. 578 would 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 .
Page 4
Section 2 of S. 578 would allow taxpayers to use LIFO accounting for tax purposes regardless of the method of inventory accounting used for purposes of financial statements . Section 3 of the bill would extend the three - year recapture ...
Section 2 of S. 578 would allow taxpayers to use LIFO accounting for tax purposes regardless of the method of inventory accounting used for purposes of financial statements . Section 3 of the bill would extend the three - year recapture ...
Page 6
... 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 to pay for a given year .
... 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 to pay for a given year .
Page 7
This not only would give taxpayers the advantage of continuing to write off excess inventories until eventually challenged on audit , but it held out the prospect that the erroneous method of inventory accounting might never be ...
This not only would give taxpayers the advantage of continuing to write off excess inventories until eventually challenged on audit , but it held out the prospect that the erroneous method of inventory accounting might never be ...
Page 8
The taxpayers claim that if they had had proper notice of the pronouncements in 1979 , they would have offered a large part ... Explanation of provisions S. 578 , Section 1 S. 578 would allow taxpayers to value excess inventory at net ...
The taxpayers claim that if they had had proper notice of the pronouncements in 1979 , they would have offered a large part ... Explanation of provisions S. 578 , Section 1 S. 578 would allow taxpayers to value excess inventory at net ...
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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 |