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
... if the taxpayer uses the lower of cost or market method of inventory accounting or , in the case of " subnormal ” goods , if the goods are actually sold below cost within a relatively short period after the inventory date ( Reg .
... if the taxpayer uses the lower of cost or market method of inventory accounting or , in the case of " subnormal ” goods , if the goods are actually sold below cost within a relatively short period after the inventory date ( Reg .
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The bona fide selling price is defined 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 taxpayer's year - end ) .
The bona fide selling price is defined 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 taxpayer's year - end ) .
Page 6
... to bonafide selling price ( less direct costs of disposition ) for subnormal goods . 7 Upholding the Revenue Service's determination that the writedown did. 1 439 U.S. 522 ( 1979 ) . 1 The relevant six - year period is the period 6.
... to bonafide selling price ( less direct costs of disposition ) for subnormal goods . 7 Upholding the Revenue Service's determination that the writedown did. 1 439 U.S. 522 ( 1979 ) . 1 The relevant six - year period is the period 6.
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S. 1276 S. 1276 would provide an election for qualified small businesses to write down , over a four - year period , inventory items which have been held by the taxpayer for more than 12 months . Under the election , inventory items ...
S. 1276 S. 1276 would provide an election for qualified small businesses to write down , over a four - year period , inventory items which have been held by the taxpayer for more than 12 months . Under the election , inventory items ...
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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 with the year of change to LIFO . Thus , the taxpayer no longer ...
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 with the year of change to LIFO . Thus , the taxpayer no longer ...
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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 |