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
... income tax purposes , inventories are used as a method of deter- mining the cost of goods sold and hence a taxpayer's gross income from the sale of goods . Under present law , a taxpayer may " write down " the value of its inventories ...
... income tax purposes , inventories are used as a method of deter- mining the cost of goods sold and hence a taxpayer's gross income from the sale of goods . Under present law , a taxpayer may " write down " the value of its inventories ...
Page 4
... income tax , pursuant to an exception under pres- ent law for " small issues , " where the aggregate amount of outstanding exempt small issues plus capital expenditures ( financed otherwise than out of small issue bond proceeds ) does ...
... income tax , pursuant to an exception under pres- ent law for " small issues , " where the aggregate amount of outstanding exempt small issues plus capital expenditures ( financed otherwise than out of small issue bond proceeds ) does ...
Page 5
... income , while a lower value will result in a higher cost of goods sold and thus lower taxable income . For example , a decrease or " writedown " in closing inventory increases the cost of goods sold for the year of writedown , and ...
... income , while a lower value will result in a higher cost of goods sold and thus lower taxable income . For example , a decrease or " writedown " in closing inventory increases the cost of goods sold for the year of writedown , and ...
Page 6
... Revenue Service determined that the writedown did not clearly reflect the taxpayer's income . The Revenue Service contended that in order to clearly reflect income for tax pur- poses , the writedown had to conform to the requirements of ...
... Revenue Service determined that the writedown did not clearly reflect the taxpayer's income . The Revenue Service contended that in order to clearly reflect income for tax pur- poses , the writedown had to conform to the requirements of ...
Page 7
... income , as required by the regulations , the Supreme Court also rejected the taxpayer's argument that con- formity to generally accepted accounting principles gave rise to a presumption of clear reflection of income . Because income tax ...
... income , as required by the regulations , the Supreme Court also rejected the taxpayer's argument that con- formity to generally accepted accounting principles gave rise to a presumption of clear reflection of income . Because income tax ...
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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