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, 1981 |
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Section 1 of S. 578 and S. 1276 – Inventory Writedowns Present law For income tax purposes , inventories are used as a ... income in the year of writedown ) if the taxpayer uses the lower of cost or market method of inventory accounting ...
Section 1 of S. 578 and S. 1276 – Inventory Writedowns Present law For income tax purposes , inventories are used as a ... income in the year of writedown ) if the taxpayer uses the lower of cost or market method of inventory accounting ...
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( In general , the market value of merchandise is the bid price prevailing in the marketplace for the goods . ) In addition , a taxpayer using the lower of cost or market method may write down inventories to below market value if ...
( In general , the market value of merchandise is the bid price prevailing in the marketplace for the goods . ) In addition , a taxpayer using the lower of cost or market method may write down inventories to below market value if ...
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The Revenue Service contended that in order to clearly reflect income for tax purposes , the writedown had to conform to the requirements of the section 471 regulations regarding market writedowns , and that the taxpayer's writedown did ...
The Revenue Service contended that in order to clearly reflect income for tax purposes , the writedown had to conform to the requirements of the section 471 regulations regarding market writedowns , and that the taxpayer's writedown did ...
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... to below market value if the goods are offered for sale at below market prices in the taxable year the writedown ... decision on such inventory writedowns and would not have had to recapture income with respect to that inventory .
... to below market value if the goods are offered for sale at below market prices in the taxable year the writedown ... decision on such inventory writedowns and would not have had to recapture income with respect to that inventory .
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Under LIFO , the taxpayer may not take such a writedown . ... For taxpayers adopting LIFO for taxable years beginning after December 31 , 1981 , market writedowns will be included in income ratably over a three - year period beginning ...
Under LIFO , the taxpayer may not take such a writedown . ... For taxpayers adopting LIFO for taxable years beginning after December 31 , 1981 , market writedowns will be included in income ratably over a three - year period beginning ...
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Common terms and phrases
$10 million limitation allow taxpayers amortize amount apply to taxable average beginning after December bill capital expenditures Code section conformity conformity requirement continue cost or market December 31 determined disposed disposition Effective date elects to deduct ending inventory exceeding exception excess inventory expenses experimental expenditures future gross income held higher income tax industrial development bonds interest Internal Revenue Service inven inventory accounting less LIFO lower of cost market value market writedowns method of accounting method of inventory months offered paid period Present law Proc provisions qualified small businesses realizable recapture regulations relating replacement requirement research and experimental research expenditures research expenses research or experimental respect Ruling Senators small issue industrial sold statement taken into account tax purposes taxable income taxable years beginning taxable years ending taxpayer elects Thor Power decision tion trade or business write written
Bibliographic information
| Title | 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, 1981 |
| Contributors | United States. Congress. Senate. Committee on Finance. Subcommittee on Taxation and Debt Management, United States. Congress. Joint Committee on Taxation |
| Publisher | U.S. Government Printing Office, 1981 |
| Original from | Purdue University |
| Digitized | 27 Aug 2012 |
| Length | 14 pages |
| Export Citation | BiBTeX EndNote RefMan |