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 1-5 of 7
Page 3
... statements ( sec . 472 ) . Also , taxpayers electing LIFO must in- clude in income inventory market writedowns taken for inventories that remain unsold . Under the Economic Recovery Tax Act of 1981 , this income is to be taken into ...
... statements ( sec . 472 ) . Also , taxpayers electing LIFO must in- clude in income inventory market writedowns taken for inventories that remain unsold . Under the Economic Recovery Tax Act of 1981 , this income is to be taken into ...
Page 4
... statements . Section 3 of the bill would extend the three - year 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 ...
... statements . Section 3 of the bill would extend the three - year 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 ...
Page 6
... statement purposes and tax purposes . The taxpayer did not attempt to sell these goods at reduced prices or to scrap them ; instead , the parts were retained for possible future sales to customers at their original list price . On audit ...
... statement purposes and tax purposes . The taxpayer did not attempt to sell these goods at reduced prices or to scrap them ; instead , the parts were retained for possible future sales to customers at their original list price . On audit ...
Page 7
... statement was that the taxpayer would be liable for various penalties for failure to file a proper tax return . It is the position of many taxpayers that the retroactive applica- tion of the two Revenue Service pronouncements ( issued ...
... statement was that the taxpayer would be liable for various penalties for failure to file a proper tax return . It is the position of many taxpayers that the retroactive applica- tion of the two Revenue Service pronouncements ( issued ...
Page 10
... statements ( sec . 472 ) . At present , LIFO is an accepted method of accounting for inventories for financial statement purposes . Since the use of LIFO in times of rising inflation results in lower taxable income than would be the ...
... statements ( sec . 472 ) . At present , LIFO is an accepted method of accounting for inventories for financial statement purposes . Since the use of LIFO in times of rising inflation results in lower taxable income than would be the ...
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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