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
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Page 3
... tax purposes , inventories are used as a method of deter- mining the cost of goods sold and hence a taxpayer's gross income from the sale of goods . Under present law , a taxpayer may " write down " the value of its inventories ...
... tax purposes , inventories are used as a method of deter- mining the cost of goods sold and hence a taxpayer's gross income from the sale of goods . Under present law , a taxpayer may " write down " the value of its inventories ...
Page 4
... 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 of inventory writedowns to ten years . The provisions of sections 2 ...
... 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 of inventory writedowns to ten years . The provisions of sections 2 ...
Page 5
... tax purposes , Code section 471 requires a tax- payer to account for inventories in a manner that conforms as nearly as possible to the best accounting practice in the taxpayer's trade or business and most clearly reflects the ...
... tax purposes , Code section 471 requires a tax- payer to account for inventories in a manner that conforms as nearly as possible to the best accounting practice in the taxpayer's trade or business and most clearly reflects the ...
Page 6
... 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 , the ...
... 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 , the ...
Page 8
Scheduled for a Hearing Before the Subcommittee on Taxation and Debt Management of the Committee on Finance on ... purposes of determining whether the members of the group are qualified small businesses . The bill also would delay ...
Scheduled for a Hearing Before the Subcommittee on Taxation and Debt Management of the Committee on Finance on ... purposes of determining whether the members of the group are qualified small businesses . The bill also would delay ...
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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