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 ... This provision would apply to taxable years ending on or after December 25 , 1979 .
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 ... This provision would apply to taxable years ending on or after December 25 , 1979 .
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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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Issues The principal issue is whether taxpayers should be able to write down the value of excess inventories that continue ... The taxpayer would then apply that average percentage to the current amount in the ending inventory for that ...
Issues The principal issue is whether taxpayers should be able to write down the value of excess inventories that continue ... The taxpayer would then apply that average percentage to the current amount in the ending inventory for that ...
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Effective date S.578 , Section 1 This provision of S. 578 would apply to taxable years ending on or after December ... S. 1276 The amendments made by S. 1276 relating to inventory writedowns for qualified small businesses would apply to ...
Effective date S.578 , Section 1 This provision of S. 578 would apply to taxable years ending on or after December ... S. 1276 The amendments made by S. 1276 relating to inventory writedowns for qualified small businesses would apply to ...
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Sections 2 and 3 of S. 578 — LIFO Inventories Present law Background Gross income from the sale of goods equals gross ... The dollar value of the ending inventory is determined by actually counting the goods on hand at the end of the ...
Sections 2 and 3 of S. 578 — LIFO Inventories Present law Background Gross income from the sale of goods equals gross ... The dollar value of the ending inventory is determined by actually counting the goods on hand at the end of the ...
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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 |