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 4
... Issue Industrial Devel- opment Bonds Present law Interest on certain State and local industrial development bonds is exempt from Federal income tax ... obligations issued after that date . II . DESCRIPTION OF BILLS 1. S. 578 - Senators 4.
... Issue Industrial Devel- opment Bonds Present law Interest on certain State and local industrial development bonds is exempt from Federal income tax ... obligations issued after that date . II . DESCRIPTION OF BILLS 1. S. 578 - Senators 4.
Page 12
... Issue Industrial De- velopment Bonds Present law In general Interest on State and local government obligations ... obligation constitutes an industrial development bond if ( 1 ) all or a major portion of the proceeds of the issue are to be ...
... Issue Industrial De- velopment Bonds Present law In general Interest on State and local government obligations ... obligation constitutes an industrial development bond if ( 1 ) all or a major portion of the proceeds of the issue are to be ...
Page 13
... issue limitation of $ 10 million is exceeded , whether or not the taxpayer elects to deduct its research expenses ... obligations issued after the expenditure limitation on interest exemption for small issue industrial development bonds.
... issue limitation of $ 10 million is exceeded , whether or not the taxpayer elects to deduct its research expenses ... obligations issued after the expenditure limitation on interest exemption for small issue industrial development bonds.
Page 14
... issue industrial development bonds . S. 1472 would apply to research or experimental expenditures paid or incurred after March 11 , 1981 , with respect to obligations issued after that date . Purdue University Libraries 3 2754 078 076 746.
... issue industrial development bonds . S. 1472 would apply to research or experimental expenditures paid or incurred after March 11 , 1981 , with respect to obligations issued after that date . Purdue University Libraries 3 2754 078 076 746.
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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