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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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 .
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Thus , the taxpayer would look to each group of articles contained in its inventory and determine the average percentage of its inventory that was disposed of at less than cost for the past five years . The taxpayer would then apply ...
Thus , the taxpayer would look to each group of articles contained in its inventory and determine the average percentage of its inventory that was disposed of at less than cost for the past five years . The taxpayer would then apply ...
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Other principal methods are the average cost method , under which the costs of all goods owned during the year are averaged , and the specific identification method , under which the individual price of each item in inventory is ...
Other principal methods are the average cost method , under which the costs of all goods owned during the year are averaged , and the specific identification method , under which the individual price of each item in inventory is ...
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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 |