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 |
From inside the book
Results 1-4 of 4
Page 4
... recapture of inventory writedowns to ten years . The 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 ...
... recapture of inventory writedowns to ten years . The 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 ...
Page 7
... with certain Treasury regulations that would have mitigated the income recapture required under the Thor Power decision . Under the 1980-1 C.B. 582 . 1980-1 C.B. 446 . regulations , normal goods may be written down to below.
... with certain Treasury regulations that would have mitigated the income recapture required under the Thor Power decision . Under the 1980-1 C.B. 582 . 1980-1 C.B. 446 . regulations , normal goods may be written down to below.
Page 8
... recapture income with respect to that inventory . Issues The principal issue is whether taxpayers should be able to write down the value of excess inventories that continue to be sold at prices in excess of cost . A secondary issue is ...
... recapture income with respect to that inventory . Issues The principal issue is whether taxpayers should be able to write down the value of excess inventories that continue to be sold at prices in excess of cost . A secondary issue is ...
Page 11
... recapture of market write- downs ( sec 472 ( d ) ) . 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 ...
... recapture of market write- downs ( sec 472 ( d ) ) . 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 ...
Other editions - View all
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