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
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Page 4
... determining whether the $ 10 million limitation is exceeded , whether or not the taxpayer elects to deduct currently or amortize research expenses under Code section 174 ( Rev. Rul . 77-27 , 1977–1 C.B. 23 ) . S.768 Under the provisions ...
... determining whether the $ 10 million limitation is exceeded , whether or not the taxpayer elects to deduct currently or amortize research expenses under Code section 174 ( Rev. Rul . 77-27 , 1977–1 C.B. 23 ) . S.768 Under the provisions ...
Page 5
... determined by actually counting the goods on hand at the end of the year and then ascribing a value to those goods . The valuation method is important because a higher value will result in a lower cost of goods sold and thus greater ...
... determined by actually counting the goods on hand at the end of the year and then ascribing a value to those goods . The valuation method is important because a higher value will result in a lower cost of goods sold and thus greater ...
Page 6
... determined that a large portion of the parts inventory was in excess of any reasonably fore- seeable future demand . Therefore , the company wrote the inventory down to scrap value for both financial statement purposes and tax purposes ...
... determined that a large portion of the parts inventory was in excess of any reasonably fore- seeable future demand . Therefore , the company wrote the inventory down to scrap value for both financial statement purposes and tax purposes ...
Page 7
... determination that the write- down did not 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 ...
... determination that the write- down did not 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 ...
Page 8
... determine the average percentage of its inventory that was disposed of at less than cost for the past five years ... determining whether the members of the group are qualified small businesses . The bill also would delay the effective ...
... determine the average percentage of its inventory that was disposed of at less than cost for the past five years ... determining whether the members of the group are qualified small businesses . The bill also would delay the effective ...
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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