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 1-4 of 4
Page 3
... income tax purposes , inventories are used as a method of deter- mining the cost of goods sold and hence a ... clearly reflect income ( Thor Power Tool Co. v . Commissioner ) . Subsequently , the Internal Revenue Service issued Revenue ...
... income tax purposes , inventories are used as a method of deter- mining the cost of goods sold and hence a ... clearly reflect income ( Thor Power Tool Co. v . Commissioner ) . Subsequently , the Internal Revenue Service issued Revenue ...
Page 6
... clearly reflects the taxpayer's income . Citing the " well - known potential for tax avoidance that is inherent in ... reflect the taxpayer's income . The Revenue Service contended that in order to clearly reflect income for tax pur ...
... clearly reflects the taxpayer's income . Citing the " well - known potential for tax avoidance that is inherent in ... reflect the taxpayer's income . The Revenue Service contended that in order to clearly reflect income for tax pur ...
Page 7
... clearly reflect income , as required by the regulations , the Supreme Court also rejected the taxpayer's argument that con- formity to generally accepted accounting principles gave rise to a presumption of clear reflection of income ...
... clearly reflect income , as required by the regulations , the Supreme Court also rejected the taxpayer's argument that con- formity to generally accepted accounting principles gave rise to a presumption of clear reflection of income ...
Page 10
... income from the sale of goods equals gross sales receipts less the cost of goods sold . The computation of cost of ... clearly reflecting income for purposes of financial statements . Since clear reflection of income has always been the ...
... income from the sale of goods equals gross sales receipts less the cost of goods sold . The computation of cost of ... clearly reflecting income for purposes of financial statements . Since clear reflection of income has always been the ...
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
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 |