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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S. 578 , Section 1 Section 1 of S. 578 would allow a taxpayer to write down portions of inventories to net realizable value based on a five - year average of items in that inventory that were disposed of at less than cost .
S. 578 , Section 1 Section 1 of S. 578 would allow a taxpayer to write down portions of inventories to net realizable value based on a five - year average of items in that inventory that were disposed of at less than cost .
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... because it was standard accounting policy to write down excess inventories to their net realizable value . However , the Revenue Service determined that the writedown did not clearly reflect the taxpayer's income .
... because it was standard accounting policy to write down excess inventories to their net realizable value . However , the Revenue Service determined that the writedown did not clearly reflect the taxpayer's income .
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Rul . 80–60 and Rev. Proc . 80–5 should be delayed from 1979 to 1981 . Explanation of provisions S. 578 , Section 1 S. 578 would allow taxpayers to value excess inventory at net realizable value . The bill would define excess inventory ...
Rul . 80–60 and Rev. Proc . 80–5 should be delayed from 1979 to 1981 . Explanation of provisions S. 578 , Section 1 S. 578 would allow taxpayers to value excess inventory at net realizable value . The bill would define excess inventory ...
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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 |