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
... industrial development bonds . ( III ) Page I 3 5 5 5 10 12 INTRODUCTION The bills described in this pamphlet have been scheduled.
... industrial development bonds . ( III ) Page I 3 5 5 5 10 12 INTRODUCTION The bills described in this pamphlet have been scheduled.
Page 1
... industrial development bonds ) ; and S. 1276 ( relating to inventory writedowns ) . The first part of the pamphlet is a summary of the bills . This is fol- lowed by a more detailed description of the bills , including present law ...
... industrial development bonds ) ; and S. 1276 ( relating to inventory writedowns ) . The first part of the pamphlet is a summary of the bills . This is fol- lowed by a more detailed description of the bills , including present law ...
Page 4
... Industrial Devel- opment Bonds Present law Interest on certain State and local industrial development bonds is exempt from Federal income tax , pursuant to an exception under pres- ent law for " small issues , " where the aggregate ...
... Industrial Devel- opment Bonds Present law Interest on certain State and local industrial development bonds is exempt from Federal income tax , pursuant to an exception under pres- ent law for " small issues , " where the aggregate ...
Page 12
... industrial development bonds is taxable ( sec . 103 ( b ) ) . An obligation constitutes an industrial development bond if ( 1 ) all or a major portion of the proceeds of the issue are to be used in any trade or business of a per- son ...
... industrial development bonds is taxable ( sec . 103 ( b ) ) . An obligation constitutes an industrial development bond if ( 1 ) all or a major portion of the proceeds of the issue are to be used in any trade or business of a per- son ...
Page 13
... industrial development bonds . Explanation of bills and effective dates S. 768 Under S. 768 , research and experimental expenditures ( within the meaning of sec . 174 ) would not be taken into account for purposes of the capital ...
... industrial development bonds . Explanation of bills and effective dates S. 768 Under S. 768 , research and experimental expenditures ( within the meaning of sec . 174 ) would not be taken into account for purposes of the capital ...
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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