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 3
... cost or market method of inventory accounting or , in the case of " subnormal " goods , if the goods are actually sold below cost within a relatively short period after the inventory date ( Reg . § 1.471-2 ( c ) ) . In 1979 , the U.S. ...
... cost or market method of inventory accounting or , in the case of " subnormal " goods , if the goods are actually sold below cost within a relatively short period after the inventory date ( Reg . § 1.471-2 ( c ) ) . In 1979 , the U.S. ...
Page 5
... market price . If actual sales are made at prices which do not materially vary from offering prices , the goods may be written down to the offering prices , less any direct costs of disposition . Taxpayers using either the cost or lower of ...
... market price . If actual sales are made at prices which do not materially vary from offering prices , the goods may be written down to the offering prices , less any direct costs of disposition . Taxpayers using either the cost or lower of ...
Page 6
... cost . The Court stated that the Congress has given the Internal Revenue Service broad dis- cretion , under Code ... market writedowns , and that the tax- payer's writedown did not conform to those requirements . The company's writedown ...
... cost . The Court stated that the Congress has given the Internal Revenue Service broad dis- cretion , under Code ... market writedowns , and that the tax- payer's writedown did not conform to those requirements . The company's writedown ...
Page 8
... market value if the goods are offered for sale at below market prices in the taxable year the writedown is to be ... cost . A secondary issue is whether the application of Rev. Rul . 80-60 and Rev. Proc . 80-5 should be delayed from 1979 ...
... market value if the goods are offered for sale at below market prices in the taxable year the writedown is to be ... cost . A secondary issue is whether the application of Rev. Rul . 80-60 and Rev. Proc . 80-5 should be delayed from 1979 ...
Page 11
... cost or market . Thus , when the value of an item of inventory declines below cost , a taxpayer using FIFO may write off the decline in value ( " market writedowns " ) and carry the inventory at its new lower value . Under LIFO , the ...
... cost or market . Thus , when the value of an item of inventory declines below cost , a taxpayer using FIFO may write off the decline in value ( " market writedowns " ) and carry the inventory at its new lower value . Under LIFO , the ...
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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