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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Section 1 of S. 578 and S. 1276 – Inventory Writedowns Present law For income tax purposes , inventories are used as a method of determining the cost of goods sold and hence a taxpayer's gross income from the sale of goods .
Section 1 of S. 578 and S. 1276 – Inventory Writedowns Present law For income tax purposes , inventories are used as a method of determining the cost of goods sold and hence a taxpayer's gross income from the sale of goods .
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Because research and experimentation expenditures are considered to be capital expenditures , such expenses are to be taken into account in determining whether the $ 10 million limitation is exceeded , whether or not the taxpayer elects ...
Because research and experimentation expenditures are considered to be capital expenditures , such expenses are to be taken into account in determining whether the $ 10 million limitation is exceeded , whether or not the taxpayer elects ...
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The dollar value of the ending inventory is 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 ...
The dollar value of the ending inventory is 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 ...
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The Court stated that the Congress has given the Internal Revenue Service broad discretion , under Code sections 446 and 471 , to determine whether a particular method of inventory accounting clearly reflects the taxpayer's income .
The Court stated that the Congress has given the Internal Revenue Service broad discretion , under Code sections 446 and 471 , to determine whether a particular method of inventory accounting clearly reflects the taxpayer's income .
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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 ...
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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 |