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 |
From inside the book
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Page 5
... offering prices , the goods may be written down to the offering prices , less any direct costs of disposition . Taxpayers ... offered for sale during a period ending not later than 30 days after the inventory date ( generally , the tax ...
... offering prices , the goods may be written down to the offering prices , less any direct costs of disposition . Taxpayers ... offered for sale during a period ending not later than 30 days after the inventory date ( generally , the tax ...
Page 6
... offering price below market value ( less direct costs of disposition ) and writedowns to bonafide selling price ( less direct costs of disposition ) for subnormal goods . 1439 U.S. 522 ( 1979 ) . 7 Upholding the Revenue Service's ...
... offering price below market value ( less direct costs of disposition ) and writedowns to bonafide selling price ( less direct costs of disposition ) for subnormal goods . 1439 U.S. 522 ( 1979 ) . 7 Upholding the Revenue Service's ...
Page 8
... 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 large part of their excess ...
... 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 large part of their excess ...
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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