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 4
... deduct currently or amortize research expenses under Code section 174 ( Rev. Rul . 77-27 , 1977–1 C.B. 23 ) . S.768 Under the provisions of S. 768 , research and experimental expendi- tures ( within the meaning of sec . 174 ) would not ...
... deduct currently or amortize research expenses under Code section 174 ( Rev. Rul . 77-27 , 1977–1 C.B. 23 ) . S.768 Under the provisions of S. 768 , research and experimental expendi- tures ( within the meaning of sec . 174 ) would not ...
Page 7
... tax issues are not controlled by accounting practices ; the Court also observed that divergence between accounting and tax treatment is particularly great where a taxpayer seeks a current deduction for estimated future expenses or ...
... tax issues are not controlled by accounting practices ; the Court also observed that divergence between accounting and tax treatment is particularly great where a taxpayer seeks a current deduction for estimated future expenses or ...
Page 13
... deduct currently or amortize . 2 If expenditures relating to development of a product are not eligible for these elections , or if the taxpayer chooses not to elect either current deductions or amortization for qualifying research costs ...
... deduct currently or amortize . 2 If expenditures relating to development of a product are not eligible for these elections , or if the taxpayer chooses not to elect either current deductions or amortization for qualifying research costs ...
Page 14
... deduct currently under section 174 ( a ) would not be taken into account for purposes of the capital expenditure limita- tion on small issue industrial development bonds . S. 1472 would apply to research or experimental expenditures ...
... deduct currently under section 174 ( a ) would not be taken into account for purposes of the capital expenditure limita- tion on small issue industrial development bonds . S. 1472 would apply to research or experimental expenditures ...
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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