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
... 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 sold below cost within a relatively short period after the inventory date ...
... 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 sold below cost within a relatively short period after the inventory date ...
Page 5
... Writedowns Present law Background Gross income from the sale of goods equals gross sales receipts less the cost of ... market ( Reg . § 1.471-2 ( c ) ) . A taxpayer using the latter method is permitted to write down the value of ...
... Writedowns Present law Background Gross income from the sale of goods equals gross sales receipts less the cost of ... market ( Reg . § 1.471-2 ( c ) ) . A taxpayer using the latter method is permitted to write down the value of ...
Page 6
... market writedowns , and that the tax- payer's writedown did not conform to those requirements . The company's writedown of " excess inventory " reflected not a re- duction in the market value of the individual replacement parts , but a ...
... market writedowns , and that the tax- payer's writedown did not conform to those requirements . The company's writedown of " excess inventory " reflected not a re- duction in the market value of the individual replacement parts , but a ...
Page 8
... down to below 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 ...
... down to below 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 ...
Page 11
... market writedowns " ) and carry the inventory at its new lower value . Under LIFO , the taxpayer may not take such a ... write- downs ( sec 472 ( d ) ) . For taxpayers adopting LIFO for taxable years beginning after December 31 , 1981 ...
... market writedowns " ) and carry the inventory at its new lower value . Under LIFO , the taxpayer may not take such a ... write- downs ( sec 472 ( d ) ) . For taxpayers adopting LIFO for taxable years beginning after December 31 , 1981 ...
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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