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
... realizable value based on a five - year average of items in that inventory that were disposed of at less than cost . This provision would apply to taxable years ending on or after December 25 , 1979 . S.1276 S. 1276 would allow a ...
... realizable value based on a five - year average of items in that inventory that were disposed of at less than cost . This provision would apply to taxable years ending on or after December 25 , 1979 . S.1276 S. 1276 would allow a ...
Page 6
... realizable value . However , the Revenue Service determined that the writedown did not clearly reflect the taxpayer's income . The Revenue Service contended that in order to clearly reflect income for tax pur- poses , the writedown had ...
... realizable value . However , the Revenue Service determined that the writedown did not clearly reflect the taxpayer's income . The Revenue Service contended that in order to clearly reflect income for tax pur- poses , the writedown had ...
Page 8
... realizable value . 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 ...
... realizable value . 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 ...
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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