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 6
... requirements under the section 471 regulations for writedowns of inventory below cost . The Court stated that the ... conformity with the best accounting practice in its trade or business , because it was stan- dard accounting policy ...
... requirements under the section 471 regulations for writedowns of inventory below cost . The Court stated that the ... conformity with the best accounting practice in its trade or business , because it was stan- dard accounting policy ...
Page 7
... requirement that they maintain their method of accounting , would continue improperly to write down excess ... conform with the Thor Power decision . Rev. Rul . 80-60,3 which presented a fact situa- tion regarding excess inventories ...
... requirement that they maintain their method of accounting , would continue improperly to write down excess ... conform with the Thor Power decision . Rev. Rul . 80-60,3 which presented a fact situa- tion regarding excess inventories ...
Page 10
... requirement ( the " conformity requirement " ) that the taxpayer use LIFO in preparing its financial statements ( sec . 472 ) . At present , LIFO is an accepted method of accounting for inventories for financial statement purposes ...
... requirement ( the " conformity requirement " ) that the taxpayer use LIFO in preparing its financial statements ( sec . 472 ) . At present , LIFO is an accepted method of accounting for inventories for financial statement purposes ...
Page 11
... conformity requirement . First , final Treasury regulations have been issued that allow taxpayers using LIFO to dis- close in their financial statements the amount of earnings they would have had on a non - LIFO basis . However ...
... conformity requirement . First , final Treasury regulations have been issued that allow taxpayers using LIFO to dis- close in their financial statements the amount of earnings they would have had on a non - LIFO basis . However ...
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