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
... short period after the inventory date ( Reg . § 1.471-2 ( c ) ) . In 1979 , the U.S. Supreme Court upheld the disallowance of ... qualified small business to write off one - third of inventory held for more than 12 months , 50 percent of ...
... short period after the inventory date ( Reg . § 1.471-2 ( c ) ) . In 1979 , the U.S. Supreme Court upheld the disallowance of ... qualified small business to write off one - third of inventory held for more than 12 months , 50 percent of ...
Page 8
... qualified small businesses to write down , over a four - year period , inventory items which have been held by the ... qualified small business would be defined as a domestic trade or business with equity capital of $ 25 million or less ...
... qualified small businesses to write down , over a four - year period , inventory items which have been held by the ... qualified small business would be defined as a domestic trade or business with equity capital of $ 25 million or less ...
Page 9
... qualified small businesses would apply to taxable years beginning after December 31 , 1980. The provisions relating to Rev. Rul . 80-60 and Rev. Proc . 80-5 would apply to taxable years ending after De- cember 24 , 1979 and beginning ...
... qualified small businesses would apply to taxable years beginning after December 31 , 1980. The provisions relating to Rev. Rul . 80-60 and Rev. Proc . 80-5 would apply to taxable years ending after De- cember 24 , 1979 and beginning ...
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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