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 4
... amount of outstanding exempt small issues plus capital expenditures ( financed otherwise than out of small issue bond proceeds ) does not exceed $ 10 million ( Code sec . 103 ( b ) ( 6 ) ) . Because research and experimentation ...
... amount of outstanding exempt small issues plus capital expenditures ( financed otherwise than out of small issue bond proceeds ) does not exceed $ 10 million ( Code sec . 103 ( b ) ( 6 ) ) . Because research and experimentation ...
Page 5
... amount is the amount of goods that were disposed of during the year and are presumed sold . The dollar value of the ending inventory is determined by actually counting the goods on hand at the end of the year and then ascribing a value ...
... amount is the amount of goods that were disposed of during the year and are presumed sold . The dollar value of the ending inventory is determined by actually counting the goods on hand at the end of the year and then ascribing a value ...
Page 8
... amount in the ending inventory for that group ; the resulting amount would be the taxpayer's excess inventory for that group . That amount of excess inventory would then be written down to its net realizable value . S. 1276 S. 1276 ...
... amount in the ending inventory for that group ; the resulting amount would be the taxpayer's excess inventory for that group . That amount of excess inventory would then be written down to its net realizable value . S. 1276 S. 1276 ...
Page 10
... amount is the amount of goods that were disposed of during the year and are presumed sold . The dollar value of the ending inventory is determined by actually counting the goods on hand at the end of the year and then ascribing a value ...
... amount is the amount of goods that were disposed of during the year and are presumed sold . The dollar value of the ending inventory is determined by actually counting the goods on hand at the end of the year and then ascribing a value ...
Page 11
... amount of earnings they would have had on a non - LIFO basis . However , although the regulations allow the taxpayer to prepare a supplemental income statement on a non - LIFO basis , the taxpayer must prepare its primary financial ...
... amount of earnings they would have had on a non - LIFO basis . However , although the regulations allow the taxpayer to prepare a supplemental income statement on a non - LIFO basis , the taxpayer must prepare its primary financial ...
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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