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
... year average of items in that inventory that were disposed of at less than cost . This provision would apply to taxable years ending on or after December 25 , 1979 . S.1276 S. 1276 would allow a qualified small business to write off one ...
... year average of items in that inventory that were disposed of at less than cost . This provision would apply to taxable years ending on or after December 25 , 1979 . S.1276 S. 1276 would allow a qualified small business to write off one ...
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... year , and subtracting the ending inventory . The resulting amount is the amount of goods that were disposed of ... taxable income , while a lower value will result in a higher cost of goods sold and thus lower taxable income . For ...
... year , and subtracting the ending inventory . The resulting amount is the amount of goods that were disposed of ... taxable income , while a lower value will result in a higher cost of goods sold and thus lower taxable income . For ...
Page 7
... year - ends . Under Code section 446 , a taxpayer may not change the method under which it accounts for income unless it secures the consent of the Revenue Service . This procedure can have the result of requiring a taxpayer to continue ...
... year - ends . Under Code section 446 , a taxpayer may not change the method under which it accounts for income unless it secures the consent of the Revenue Service . This procedure can have the result of requiring a taxpayer to continue ...
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... years . The taxpayer would then apply that average percentage to the current amount in the ending inventory for that group ; the resulting amount would be the ... taxable year ending after 9 December 24 , 1979 and before January 1 , 18.
... years . The taxpayer would then apply that average percentage to the current amount in the ending inventory for that group ; the resulting amount would be the ... 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 consent ... years ending on or after December 25 , 1979 ( the date on which Rev. Proc . 80-5 and Rev. Rul . 80-60 became ...
... taxable year back to the method of accounting that had been previously used . This change could be made without the consent ... years ending on or after December 25 , 1979 ( the date on which Rev. Proc . 80-5 and Rev. Rul . 80-60 became ...
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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