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
... inventory accounting or , in the case of " subnormal " goods , if the goods are actually sold below cost within a relatively short period after the inventory date ( Reg . § 1.471-2 ( c ) ) . In 1979 , the U.S. Supreme Court upheld the ...
... inventory accounting or , in the case of " subnormal " goods , if the goods are actually sold below cost within a relatively short period after the inventory date ( Reg . § 1.471-2 ( c ) ) . In 1979 , the U.S. Supreme Court upheld the ...
Page 4
... accounting for tax purposes regardless of the method of inventory accounting used for purposes of financial statements . Section 3 of the bill would extend the three - year recapture of inventory writedowns to ten years . The provisions ...
... accounting for tax purposes regardless of the method of inventory accounting used for purposes of financial statements . Section 3 of the bill would extend the three - year recapture of inventory writedowns to ten years . The provisions ...
Page 5
... Inventory Writedowns Present law Background Gross income from the sale of goods equals gross sales receipts less the ... accounting practice in the taxpayer's trade or business and most clearly reflects the taxpayer's income . Treasury ...
... Inventory Writedowns Present law Background Gross income from the sale of goods equals gross sales receipts less the ... accounting practice in the taxpayer's trade or business and most clearly reflects the taxpayer's income . Treasury ...
Page 6
... inventory accounting clearly reflects the taxpayer's income . Citing the " well - known potential for tax avoidance that is inherent in inventory accounting , " the Supreme Court stated that to permit writedowns without objective ...
... inventory accounting clearly reflects the taxpayer's income . Citing the " well - known potential for tax avoidance that is inherent in inventory accounting , " the Supreme Court stated that to permit writedowns without objective ...
Page 7
... accounting principles gave rise to a presumption of clear reflection of income . Because income tax rules have ... inventory accounting might never be discovered by the Revenue Service . As a response to the possibility that taxpayers ...
... accounting principles gave rise to a presumption of clear reflection of income . Because income tax rules have ... inventory accounting might never be discovered by the Revenue Service . As a response to the possibility that taxpayers ...
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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