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 |
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Page 3
... income tax purposes , inventories are used as a method of deter- mining the ... taxable years ending on or after December 25 , 1979 . S.1276 S. 1276 would ... taxable years beginning after December 31 , 1980. Also , S. 1276 would delay ...
... income tax purposes , inventories are used as a method of deter- mining the ... taxable years ending on or after December 25 , 1979 . S.1276 S. 1276 would ... taxable years beginning after December 31 , 1980. Also , S. 1276 would delay ...
Page 4
Scheduled for a Hearing Before the Subcommittee on Taxation and Debt ... taxable years beginning after the date of enactment of the bill . 2. S. 768 ... income tax , pursuant to an exception under pres- ent law for " small issues ...
Scheduled for a Hearing Before the Subcommittee on Taxation and Debt ... taxable years beginning after the date of enactment of the bill . 2. S. 768 ... income tax , pursuant to an exception under pres- ent law for " small issues ...
Page 5
... taxable income , while a lower value will result in a higher cost of goods sold and thus lower taxable income . For example , a decrease or " writedown " in closing inventory increases the cost of goods sold for the year of writedown ...
... taxable income , while a lower value will result in a higher cost of goods sold and thus lower taxable income . For example , a decrease or " writedown " in closing inventory increases the cost of goods sold for the year of writedown ...
Page 8
... taxable year the writedown is to be taken . The taxpayers claim that if they ... income with respect to that inventory . Issues The principal issue is ... taxable years endiing after December 24 , 1979 , to taxable years beginning after ...
... taxable year the writedown is to be taken . The taxpayers claim that if they ... income with respect to that inventory . Issues The principal issue is ... taxable years endiing after December 24 , 1979 , to taxable years beginning after ...
Page 10
... taxable income , while a lower value will result in a higher cost of goods sold and thus lower taxable income . There are several methods for valuing ending inventories . The first- in , first - out ( " FIFO " ) method presumes that the ...
... taxable income , while a lower value will result in a higher cost of goods sold and thus lower taxable income . There are several methods for valuing ending inventories . The first- in , first - out ( " FIFO " ) method presumes that 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