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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Page 5
... of valuation may write down subnormal goods ( goods which cannot be sold at normal prices because of damage , imperfections , shop wear , and similar infirmities ) to a bona fide selling price , less direct costs of disposition .
... of valuation may write down subnormal goods ( goods which cannot be sold at normal prices because of damage , imperfections , shop wear , and similar infirmities ) to a bona fide selling price , less direct costs of disposition .
Page 6
The writedown , therefore , did not meet the requirements of the regulations , which provided only for writedowns to market value , writedowns to offering price below market value ( less direct costs of disposition ) and writedowns to ...
The writedown , therefore , did not meet the requirements of the regulations , which provided only for writedowns to market value , writedowns to offering price below market value ( less direct costs of disposition ) and writedowns to ...
Page 13
Such capital costs usually may be recovered on a disposition or abandonment of the asset , or through depreciation or amortization deductions over the useful life of the asset . However , present law permits a taxpayer to elect to ...
Such capital costs usually may be recovered on a disposition or abandonment of the asset , or through depreciation or amortization deductions over the useful life of the asset . However , present law permits a taxpayer to elect to ...
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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 |