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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... Inventory write- downs .... b . Sections 2 and 3 of S. 578 - LIFO inventories . 2. S. 768 ( Senator Moynihan ) , and S. 1472 ( Senator Denton ) : Exclusion of research expenses from capital expenditure limitation on interest exemption ...
... Inventory write- downs .... b . Sections 2 and 3 of S. 578 - LIFO inventories . 2. S. 768 ( Senator Moynihan ) , and S. 1472 ( Senator Denton ) : Exclusion of research expenses from capital expenditure limitation on interest exemption ...
Page 1
... inventory writedowns and LIFO inventories ) ; S. 768 and S. 1472 ( re- lating to exclusion of research expenses from capital expenditure limitation on interest exemption for small issue industrial development bonds ) ; and S. 1276 ...
... inventory writedowns and LIFO inventories ) ; S. 768 and S. 1472 ( re- lating to exclusion of research expenses from capital expenditure limitation on interest exemption for small issue industrial development bonds ) ; and S. 1276 ...
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 down ...
... 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 down ...
Page 4
... 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 of sections 2 and 3 of the bill would be effective for ...
... 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 of sections 2 and 3 of the bill would be effective for ...
Page 5
... Inventory Writedowns Present law Background Gross income from the sale of goods equals gross sales receipts less the ... write down the value of inventory items from the cost of the items to market value . ( In general , the market ...
... Inventory Writedowns Present law Background Gross income from the sale of goods equals gross sales receipts less the ... write down the value of inventory items from the cost of the items to market value . ( In general , the 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