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
... value of its inventories ( thereby decreasing gross income in the year of writedown ) if the taxpayer uses the lower of cost or market method of inventory accounting or , in the case of " subnormal " goods , if the goods are actually ...
... value of its inventories ( thereby decreasing gross income in the year of writedown ) if the taxpayer uses the lower of cost or market method of inventory accounting or , in the case of " subnormal " goods , if the goods are actually ...
Page 5
... value of the ending inventory is determined by actually counting the goods on hand at the end of the year and then ... market ( Reg . § 1.471-2 ( c ) ) . A taxpayer using the latter method is permitted to write down the value of ...
... value of the ending inventory is determined by actually counting the goods on hand at the end of the year and then ... market ( Reg . § 1.471-2 ( c ) ) . A taxpayer using the latter method is permitted to write down the value of ...
Page 6
... value ( e.g. , actual sales prices during the year ) would allow a taxpayer " to determine how much tax it wanted to ... market writedowns , and that the tax- payer's writedown did not conform to those requirements . The company's writedown ...
... value ( e.g. , actual sales prices during the year ) would allow a taxpayer " to determine how much tax it wanted to ... market writedowns , and that the tax- payer's writedown did not conform to those requirements . The company's writedown ...
Page 8
... market value if the goods are offered for sale at below market prices in the taxable year the writedown is to be taken . The taxpayers claim that if they had had proper notice of the pronouncements in 1979 , they would have offered a ...
... market value if the goods are offered for sale at below market prices in the taxable year the writedown is to be taken . The taxpayers claim that if they had had proper notice of the pronouncements in 1979 , they would have offered a ...
Page 11
... value inventory at the 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 inventory at the 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 ...
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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