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
Results 1-3 of 3
Page 6
... excess inventory " write- downs which failed to satisfy the requirements under the section 471 regulations for writedowns of inventory below cost . The Court stated that the Congress has given the Internal Revenue Service broad dis ...
... excess inventory " write- downs which failed to satisfy the requirements under the section 471 regulations for writedowns of inventory below cost . The Court stated that the Congress has given the Internal Revenue Service broad dis ...
Page 7
... excess inventories . The pronouncements required full implementation of the Thor Power decision for taxpayers with ... inventory accounting might never be discovered by the Revenue Service . As a response to the possibility that ...
... excess inventories . The pronouncements required full implementation of the Thor Power decision for taxpayers with ... inventory accounting might never be discovered by the Revenue Service . As a response to the possibility that ...
Page 8
... excess inventory for sale at reduced prices in 1979. Thus , they would have been in compliance with both the ... inventory . Issues The principal issue is whether taxpayers should be able to write down the value of excess inventories ...
... excess inventory for sale at reduced prices in 1979. Thus , they would have been in compliance with both the ... inventory . Issues The principal issue is whether taxpayers should be able to write down the value of excess inventories ...
Other editions - View all
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