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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In 1979 , the U.S. Supreme Court upheld the disallowance of inventory writedowns which failed to comply with these Treasury regulations , on the ground that such ...
In 1979 , the U.S. Supreme Court upheld the disallowance of inventory writedowns which failed to comply with these Treasury regulations , on the ground that such ...
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Treasury regulations provide that the two most commonly used bases for valuing inventories which satisfy these requirements are ( 1 ) cost and ( 2 ) the lower of cost or market ( Reg . 8 1.471–2 ( c ) ) . A taxpayer using the latter ...
Treasury regulations provide that the two most commonly used bases for valuing inventories which satisfy these requirements are ( 1 ) cost and ( 2 ) the lower of cost or market ( Reg . 8 1.471–2 ( c ) ) . A taxpayer using the latter ...
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... the U.S. Supreme Court affirmed decisions of the Seventh Circuit and Tax Court upholding the disallowance of “ excess inventory ” writedowns which failed to satisfy the requirements under the section 471 regulations for writedowns ...
... the U.S. Supreme Court affirmed decisions of the Seventh Circuit and Tax Court upholding the disallowance of “ excess inventory ” writedowns which failed to satisfy the requirements under the section 471 regulations for writedowns ...
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7 Upholding the Revenue Service's determination that the writedown did not clearly reflect income , as required by the regulations , the Supreme Court also rejected the taxpayer's argument that conformity to generally accepted ...
7 Upholding the Revenue Service's determination that the writedown did not clearly reflect income , as required by the regulations , the Supreme Court also rejected the taxpayer's argument that conformity to generally accepted ...
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regulations , normal goods may be written down to below market value if the goods are offered for sale at below market prices in the taxable year the writedown is to be taken . The taxpayers claim that if they had had proper notice of ...
regulations , normal goods may be written down to below market value if the goods are offered for sale at below market prices in the taxable year the writedown is to be taken . The taxpayers claim that if they had had proper notice of ...
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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 |