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
... less than cost . This provision would apply to taxable years ending on or after December 25 , 1979 . S.1276 S. 1276 would allow a qualified small business to write off one - third of inventory held for more than 12 months , 50 percent ...
... less than cost . This provision would apply to taxable years ending on or after December 25 , 1979 . S.1276 S. 1276 would allow a qualified small business to write off one - third of inventory held for more than 12 months , 50 percent ...
Page 5
... less than the prevailing market price . If actual sales are made at prices which do not materially vary from offering prices , the goods may be written down to the offering prices , less any direct costs of disposition . Taxpayers using ...
... less than the prevailing market price . If actual sales are made at prices which do not materially vary from offering prices , the goods may be written down to the offering prices , less any direct costs of disposition . Taxpayers using ...
Page 6
... ( less direct costs of disposition ) and writedowns to bonafide selling price ( less direct costs of disposition ) for subnormal goods . 1439 U.S. 522 ( 1979 ) . 7 Upholding the Revenue Service's determination that the write- down 6.
... ( less direct costs of disposition ) and writedowns to bonafide selling price ( less direct costs of disposition ) for subnormal goods . 1439 U.S. 522 ( 1979 ) . 7 Upholding the Revenue Service's determination that the write- down 6.
Page 8
... less than full realization of its cost . The amount of the excess inventory would be based on the taxpayer's five - year experience with each group of articles contained in the inventory . Thus , the taxpayer would look to each group of ...
... less than full realization of its cost . The amount of the excess inventory would be based on the taxpayer's five - year experience with each group of articles contained in the inventory . Thus , the taxpayer would look to each group of ...
Page 10
... 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 subtractiing the ending inventory . The resulting amount is the amount of ...
... 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 subtractiing the ending inventory . The resulting amount is the amount of ...
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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