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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Page 3
Under present law , a taxpayer may " write down " the 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 ...
Under present law , a taxpayer may " write down " the 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 ...
Page 4
Section 2 of S. 578 would allow taxpayers to use LIFO accounting for tax purposes regardless of the method of inventory accounting used for purposes of financial statements . Section 3 of the bill would extend the three - year recapture ...
Section 2 of S. 578 would allow taxpayers to use LIFO accounting for tax purposes regardless of the method of inventory accounting used for purposes of financial statements . Section 3 of the bill would extend the three - year recapture ...
Page 5
The valuation method is important because a higher value will result in a lower cost of goods sold and thus ... to the best accounting practice in the taxpayer's trade or business and most clearly reflects the taxpayer's income .
The valuation method is important because a higher value will result in a lower cost of goods sold and thus ... to the best accounting practice in the taxpayer's trade or business and most clearly reflects the taxpayer's income .
Page 6
The Court stated that the Congress has given the Internal Revenue Service broad discretion , under Code sections 446 and 471 , to determine whether a particular method of inventory accounting clearly reflects the taxpayer's income .
The Court stated that the Congress has given the Internal Revenue Service broad discretion , under Code sections 446 and 471 , to determine whether a particular method of inventory accounting clearly reflects the taxpayer's income .
Page 7
Because income tax rules have different objectives than accounting rules , the Court stated , tax issues are not controlled ... This procedure can have the result of requiring a taxpayer to continue to use an erroneous accounting method ...
Because income tax rules have different objectives than accounting rules , the Court stated , tax issues are not controlled ... This procedure can have the result of requiring a taxpayer to continue to use an erroneous accounting method ...
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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 |