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
Results 1-5 of 8
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 ... taxable income , while a lower value will result in a higher cost of goods sold and thus lower taxable income . For example ...
... beginning inventory , adding the purchases made during the year , and subtracting the ending inventory . The ... taxable income , while a lower value will result in a higher cost of goods sold and thus lower taxable income . For example ...
Page 8
... year the writedown is to be taken . The taxpayers claim that if they had ... beginning after December 31 , 1980. A taxpayer which changed its method of accounting for a taxable year ending after 9 December 24 , 1979 and before January 1 , 18.
... year the writedown is to be taken . The taxpayers claim that if they had ... beginning after December 31 , 1980. A taxpayer which changed its method of accounting for a taxable year ending after 9 December 24 , 1979 and before January 1 , 18.
Page 9
... taxable year back to the method of accounting that had been previously used . This change could be made without the ... years beginning after December 31 , 1980. The provisions relating to Rev. Rul . 80-60 and Rev. Proc . 80-5 would ...
... taxable year back to the method of accounting that had been previously used . This change could be made without the ... years beginning after December 31 , 1980. The provisions relating to Rev. Rul . 80-60 and Rev. Proc . 80-5 would ...
Other editions - View all
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