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
... Inventory Writedowns Present law For income tax purposes , inventories are used as a method of deter- mining the ... ending on or after December 25 , 1979 . S.1276 S. 1276 would allow a qualified small business to write off one - third ...
... Inventory Writedowns Present law For income tax purposes , inventories are used as a method of deter- mining the ... ending on or after December 25 , 1979 . S.1276 S. 1276 would allow a qualified small business to write off one - third ...
Page 5
... ending inventory . The resulting amount is the amount of goods that were disposed of during the year and are presumed sold . The dollar value of the ending inventory is determined by actually counting the goods on hand at the end of the ...
... ending inventory . The resulting amount is the amount of goods that were disposed of during the year and are presumed sold . The dollar value of the ending inventory is determined by actually counting the goods on hand at the end of the ...
Page 8
... inventory for sale at reduced prices in 1979. Thus , they would have been in compliance with both the Treasury ... ending inventory which the taxpayer reasonably expects will be disposed of at less than full realization of its cost . The ...
... inventory for sale at reduced prices in 1979. Thus , they would have been in compliance with both the Treasury ... ending inventory which the taxpayer reasonably expects will be disposed of at less than full realization of its cost . The ...
Page 9
... ending on or after December 25 , 1979 ( the date on which Rev. Proc . 80-5 and Rev. Rul . 80-60 became effective to implement the Thor Power decision ) . S. 1276 The amendments made by S. 1276 relating to inventory writedowns for ...
... ending on or after December 25 , 1979 ( the date on which Rev. Proc . 80-5 and Rev. Rul . 80-60 became effective to implement the Thor Power decision ) . S. 1276 The amendments made by S. 1276 relating to inventory writedowns for ...
Page 10
... inventory , adding the purchases made during the year , and subtractiing the ending inventory . The resulting amount is the amount of goods that were disposed of during the year and are presumed sold . The dollar value of the ending ...
... inventory , adding the purchases made during the year , and subtractiing the ending inventory . The resulting amount is the amount of goods that were disposed of during the year and are presumed sold . The dollar value of the ending ...
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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