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
... lower of cost or market method of 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 ...
... lower of cost or market method of 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 ...
Page 5
... lower cost of goods sold and thus greater taxable income , while a lower value will result in a higher cost of goods sold and thus lower taxable income . For example , a decrease or " writedown " in closing inventory increases the cost ...
... lower cost of goods sold and thus greater taxable income , while a lower value will result in a higher cost of goods sold and thus lower taxable income . For example , a decrease or " writedown " in closing inventory increases the cost ...
Page 10
... lower cost of goods sold and thus greater taxable income , while a lower value will result in a higher cost of goods sold and thus lower taxable income . There are several methods for valuing ending inventories . The first- in , first ...
... lower cost of goods sold and thus greater taxable income , while a lower value will result in a higher cost of goods sold and thus lower taxable income . There are several methods for valuing ending inventories . The first- in , first ...
Page 11
... lower of cost or market . Thus , when the value of an item of inventory declines below cost , a taxpayer using FIFO may write off the decline in value ( " market writedowns " ) and carry the inventory at its new lower value . Under LIFO ...
... lower of cost or market . Thus , when the value of an item of inventory declines below cost , a taxpayer using FIFO may write off the decline in value ( " market writedowns " ) and carry the inventory at its new lower value . Under LIFO ...
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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