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
... period after the inventory date ( Reg . ยง 1.471-2 ( c ) ) . In 1979 , the U.S. Supreme Court upheld the disallowance of inven- tory writedowns which failed to comply with these Treasury regula- tions , on the ground that such writedowns ...
... period after the inventory date ( Reg . ยง 1.471-2 ( c ) ) . In 1979 , the U.S. Supreme Court upheld the disallowance of inven- tory writedowns which failed to comply with these Treasury regula- tions , on the ground that such writedowns ...
Page 5
... as the selling price at which the goods are actually offered for sale during a period ending not later than 30 days after the inventory date ( generally , the tax- payer's year - end ) . ( 5 ) " Thor Power " decision In Thor Power Tool Co.
... as the selling price at which the goods are actually offered for sale during a period ending not later than 30 days after the inventory date ( generally , the tax- payer's year - end ) . ( 5 ) " Thor Power " decision In Thor Power Tool Co.
Page 8
... period , inventory items which have been held by the taxpayer for more than 12 months . Under the election , inventory items that have been held for more than one year but not more than two years could be written down by not more than ...
... period , inventory items which have been held by the taxpayer for more than 12 months . Under the election , inventory items that have been held for more than one year but not more than two years could be written down by not more than ...
Page 11
... period beginning with the year of change to LIFO . Thus , the taxpayer no longer will have to amend the return of the year preceding the year of the LIFO elec- tion and include the entire amount of market writedowns in income in that ...
... period beginning with the year of change to LIFO . Thus , the taxpayer no longer will have to amend the return of the year preceding the year of the LIFO elec- tion and include the entire amount of market writedowns in income in that ...
Page 12
... period 1 does not exceed $ 10 million . The combined issue amount / capital ex- penditure limitation of $ 10 million ... period is the period beginning three years before the date of the issue and ending three years after that date . 13 ...
... period 1 does not exceed $ 10 million . The combined issue amount / capital ex- penditure limitation of $ 10 million ... period is the period beginning three years before the date of the issue and ending three years after that date . 13 ...
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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