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 6
The Revenue Service contended that in order to clearly reflect income for tax purposes , the writedown had to conform to the requirements of the section 471 regulations regarding market writedowns , and that the taxpayer's writedown did ...
The Revenue Service contended that in order to clearly reflect income for tax purposes , the writedown had to conform to the requirements of the section 471 regulations regarding market writedowns , and that the taxpayer's writedown did ...
Page 7
7 Upholding the Revenue Service's determination that the writedown did not clearly reflect income , as required by the regulations , the Supreme Court also rejected the taxpayer's argument that conformity to generally accepted ...
7 Upholding the Revenue Service's determination that the writedown did not clearly reflect income , as required by the regulations , the Supreme Court also rejected the taxpayer's argument that conformity to generally accepted ...
Page 10
Since clear reflection of income has always been the primary standard for approved methods of accounting , the use of LIFO for tax purposes was conditioned on the requirement ( the " conformity requirement " ) that the taxpayer use LIFO ...
Since clear reflection of income has always been the primary standard for approved methods of accounting , the use of LIFO for tax purposes was conditioned on the requirement ( the " conformity requirement " ) that the taxpayer use LIFO ...
Page 11
11 Two recent developments have ameliorated the adverse financial statement impact of the conformity requirement . First , final Treasury regulations have been issued that allow taxpayers using LIFO to disclose in their financial ...
11 Two recent developments have ameliorated the adverse financial statement impact of the conformity requirement . First , final Treasury regulations have been issued that allow taxpayers using LIFO to disclose in their financial ...
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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 |