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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Page 1
... Š . 768 and Š . 1472 ( relating to exclusion of research expenses from capital expenditure limitation on interest exemption for small issue industrial development bonds ) ; and S. 1276 ( relating to inventory writedowns ) .
... Š . 768 and Š . 1472 ( relating to exclusion of research expenses from capital expenditure limitation on interest exemption for small issue industrial development bonds ) ; and S. 1276 ( relating to inventory writedowns ) .
Page 4
... for Small Issue Industrial Development Bonds » Present lavo Interest on certain State and local industrial development bonds is ... ( financed otherwise than out of small issue bond proceeds ) does not exceed $ 10 million ( Code sec .
... for Small Issue Industrial Development Bonds » Present lavo Interest on certain State and local industrial development bonds is ... ( financed otherwise than out of small issue bond proceeds ) does not exceed $ 10 million ( Code sec .
Page 12
However , subject to certain exceptions , interest on State and local issues of industrial development bonds is taxable ... An obligation constitutes an industrial development bond if ( 1 ) all or a major portion of the proceeds of the ...
However , subject to certain exceptions , interest on State and local issues of industrial development bonds is taxable ... An obligation constitutes an industrial development bond if ( 1 ) all or a major portion of the proceeds of the ...
Page 13
13 Treatment of research expenditures As a general rule , business expenditures to develop or create an asset which has a ... toward the $ 10 million limitation for exemption of interest on “ small issue ” industrial development bonds .
13 Treatment of research expenditures As a general rule , business expenditures to develop or create an asset which has a ... toward the $ 10 million limitation for exemption of interest on “ small issue ” industrial development bonds .
Page 14
... capital expenditure limitation on small issue industrial development bonds . S. 1472 would apply to research or experimental expenditures paid or incurred after March 11 , 1981 , with respect to obligations issued after that date .
... capital expenditure limitation on small issue industrial development bonds . S. 1472 would apply to research or experimental expenditures paid or incurred after March 11 , 1981 , with respect to obligations issued after that date .
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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 |