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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Page 3
Sections 2 and 3 of S. 578 — LIFO Inventories Under present law , taxpayers that elect to use the LIFO method of accounting for inventories must use LIFO for purposes of their financial statements ( sec . 472 ) .
Sections 2 and 3 of S. 578 — LIFO Inventories Under present law , taxpayers that elect to use the LIFO method of accounting for inventories must use LIFO for purposes of their financial statements ( sec . 472 ) .
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Section 2 of S. 578 would allow taxpayers to use LIFO accounting for tax purposes regardless of the method of inventory accounting used for purposes of financial statements . Section 3 of the bill would extend the three - year recapture ...
Section 2 of S. 578 would allow taxpayers to use LIFO accounting for tax purposes regardless of the method of inventory accounting used for purposes of financial statements . Section 3 of the bill would extend the three - year recapture ...
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Therefore , the company wrote the inventory down to scrap value for both financial 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 ...
Therefore , the company wrote the inventory down to scrap value for both financial 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 ...
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The implication of this last 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 application of the two Revenue ...
The implication of this last 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 application of the two Revenue ...
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At present , LIFO is an accepted method of accounting for inventories for financial statement purposes . ... these comparatively lower earnings are also reflected in the taxpayer's published financial statements because of the ...
At present , LIFO is an accepted method of accounting for inventories for financial statement purposes . ... these comparatively lower earnings are also reflected in the taxpayer's published financial statements because of the ...
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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 |