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 |
From inside the book
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Section 1 of S. 578 and S. 1276 – Inventory Writedowns Present law For income tax purposes , inventories are used as a method of determining the cost of goods sold and hence a taxpayer's gross income from the sale of goods .
Section 1 of S. 578 and S. 1276 – Inventory Writedowns Present law For income tax purposes , inventories are used as a method of determining the cost of goods sold and hence a taxpayer's gross income from the sale of goods .
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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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Scheduled for a Hearing Before the Subcommittee on Taxation and Debt Management of the Committee on Finance on ... For Federal income tax purposes , Code section 471 requires a taxpayer to account for inventories in a manner that ...
Scheduled for a Hearing Before the Subcommittee on Taxation and Debt Management of the Committee on Finance on ... For Federal income tax purposes , Code section 471 requires a taxpayer to account for inventories in a manner that ...
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Scheduled for a Hearing Before the Subcommittee on Taxation and Debt Management of the Committee on Finance on ... Therefore , the company wrote the inventory down to scrap value for both financial statement purposes and tax purposes .
Scheduled for a Hearing Before the Subcommittee on Taxation and Debt Management of the Committee on Finance on ... Therefore , the company wrote the inventory down to scrap value for both financial statement purposes and tax purposes .
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Scheduled for a Hearing Before the Subcommittee on Taxation and Debt Management of the Committee on Finance on September ... trade or business for purposes of determining whether the members of the group are qualified small businesses .
Scheduled for a Hearing Before the Subcommittee on Taxation and Debt Management of the Committee on Finance on September ... trade or business for purposes of determining whether the members of the group are qualified small businesses .
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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 |