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
... taxable years beginning after December 31 , 1980. Also , S. 1276 would delay the effective date of Rev. Proc . 80-5 and Rev. Rul . 80-60 to taxable years beginning after December 31 , 1980 . b . Sections 2 and 3 of S. 578 - LIFO ...
... taxable years beginning after December 31 , 1980. Also , S. 1276 would delay the effective date of Rev. Proc . 80-5 and Rev. Rul . 80-60 to taxable years beginning after December 31 , 1980 . b . Sections 2 and 3 of S. 578 - LIFO ...
Page 4
... 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 of the bill . 2. S. 768 - Senator Moynihan , and S. 1472 ...
... 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 of the bill . 2. S. 768 - Senator Moynihan , and S. 1472 ...
Page 5
... beginning inventory , adding the purchases made during the year , and subtracting the ending inventory . The resulting amount is the amount of goods that were disposed of during the year and are presumed sold . The dollar value of the ...
... beginning inventory , adding the purchases made during the year , and subtracting the ending inventory . The resulting amount is the amount of goods that were disposed of during the year and are presumed sold . The dollar value of the ...
Page 8
... taxable year the writedown is to be taken . The taxpayers claim that ... years . The taxpayer would then apply that average percentage to the current ... beginning after December 31 , 1980. A taxpayer which changed its method of ...
... taxable year the writedown is to be taken . The taxpayers claim that ... years . The taxpayer would then apply that average percentage to the current ... beginning after December 31 , 1980. A taxpayer which changed its method of ...
Page 9
... taxable year back to the method of accounting that had been previously used ... taxable years ending on or after December 25 , 1979 ( the date on which ... years beginning after December 31 , 1980. The provisions relating to Rev ...
... taxable year back to the method of accounting that had been previously used ... taxable years ending on or after December 25 , 1979 ( the date on which ... years beginning after December 31 , 1980. The provisions relating to Rev ...
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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