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 cost of goods sold and hence a taxpayer's gross income from the sale of goods .
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 cost of goods sold and hence a taxpayer's gross income from the sale of goods .
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Scheduled for a Hearing Before the Subcommittee on Taxation and Debt Management of the Committee on Finance on ... on certain State and local industrial development bonds is exempt from Federal income tax , pursuant to an exception ...
Scheduled for a Hearing Before the Subcommittee on Taxation and Debt Management of the Committee on Finance on ... on certain State and local industrial development bonds is exempt from Federal income tax , pursuant to an exception ...
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Scheduled for a Hearing Before the Subcommittee on Taxation and Debt Management of the Committee on Finance on ... For Federal income tax purposes , Code section 471 requires a taxpayer to account for inventories in a manner that ...
Scheduled for a Hearing Before the Subcommittee on Taxation and Debt Management of the Committee on Finance on ... For Federal income tax purposes , Code section 471 requires a taxpayer to account for inventories in a manner that ...
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The Court stated that the Congress has given the Internal Revenue Service broad discretion , under Code sections 446 and 471 , to determine whether a particular method of inventory accounting clearly reflects the taxpayer's income .
The Court stated that the Congress has given the Internal Revenue Service broad discretion , under Code sections 446 and 471 , to determine whether a particular method of inventory accounting clearly reflects the taxpayer's income .
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Because income tax rules have different objectives than accounting rules , the Court stated , tax issues are not controlled by accounting practices ; the Court also observed that divergence between accounting and tax treatment is ...
Because income tax rules have different objectives than accounting rules , the Court stated , tax issues are not controlled by accounting practices ; the Court also observed that divergence between accounting and tax treatment is ...
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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