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
... provision would apply to taxable years ending on or after December 25 , 1979 . S.1276 S. 1276 would allow a qualified small business to write off one - third of inventory held for more than 12 months , 50 percent of inventory held for ...
... provision would apply to taxable years ending on or after December 25 , 1979 . S.1276 S. 1276 would allow a qualified small business to write off one - third of inventory held for more than 12 months , 50 percent of inventory held for ...
Page 4
... provisions of sections 2 and 3 of the bill would be effective for taxable years beginning after the date of enactment of the bill . 2. S. 768 - Senator Moynihan , and S. 1472 - Senator Denton Exclusion of Research Expenses From Capital ...
... provisions of sections 2 and 3 of the bill would be effective for taxable years beginning after the date of enactment of the bill . 2. S. 768 - Senator Moynihan , and S. 1472 - Senator Denton Exclusion of Research Expenses From Capital ...
Page 8
... provisions S. 578 , Section 1 S. 578 would allow taxpayers to value excess inventory at net realiz- able value . The bill would define excess inventory as that portion of the taxpayer's ending inventory which the taxpayer reasonably ...
... provisions S. 578 , Section 1 S. 578 would allow taxpayers to value excess inventory at net realiz- able value . The bill would define excess inventory as that portion of the taxpayer's ending inventory which the taxpayer reasonably ...
Page 9
... provision of S. 578 would apply to taxable years ending on or after December 25 , 1979 ( the date on which Rev. Proc ... provisions relating to Rev. Rul . 80-60 and Rev. Proc . 80-5 would apply to taxable years ending after De- cember 24 ...
... provision of S. 578 would apply to taxable years ending on or after December 25 , 1979 ( the date on which Rev. Proc ... provisions relating to Rev. Rul . 80-60 and Rev. Proc . 80-5 would apply to taxable years ending after De- cember 24 ...
Page 11
... provisions Section 2 of the bill would eliminate the conformity requirement , so that taxpayers could use LIFO for tax purposes regardless of the method used for financial statement purposes . Section 3 of the bill would allow taxpayers ...
... provisions Section 2 of the bill would eliminate the conformity requirement , so that taxpayers could use LIFO for tax purposes regardless of the method used for financial statement purposes . Section 3 of the bill would allow taxpayers ...
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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