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 |
From inside the book
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Page 3
... Inventory Writedowns Present law For 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 ...
... Inventory Writedowns Present law For 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 ...
Page 5
... goods equals gross sales receipts less the cost of goods sold . The computation of cost of goods sold is made by taking the beginning inventory , adding the purchases made during the year , and subtracting the ending inventory . The ...
... goods equals gross sales receipts less the cost of goods sold . The computation of cost of goods sold is made by taking the beginning inventory , adding the purchases made during the year , and subtracting the ending inventory . The ...
Page 8
... inventory at net realiz- able value . The bill would define excess inventory as that portion of the taxpayer's ending ... Inventory items held more than three years could be written down by not more than the full inventory value of the ...
... inventory at net realiz- able value . The bill would define excess inventory as that portion of the taxpayer's ending ... Inventory items held more than three years could be written down by not more than the full inventory value of the ...
Page 11
... inventory at its new lower value . Under LIFO , the taxpayer may not take such a writedown . Moreover , if the ending inventory of the year immediately preceding the year of change to LIFO contains any items that have had market ...
... inventory at its new lower value . Under LIFO , the taxpayer may not take such a writedown . Moreover , if the ending inventory of the year immediately preceding the year of change to LIFO contains any items that have had market ...
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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
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 |