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
... taxpayers that elect to use the LIFO method of accounting for inventories must use LIFO for purposes of their finan- cial statements ( sec . 472 ) . Also , taxpayers electing LIFO must in- clude in income inventory market writedowns ...
... taxpayers that elect to use the LIFO method of accounting for inventories must use LIFO for purposes of their finan- cial statements ( sec . 472 ) . Also , taxpayers electing LIFO must in- clude in income inventory market writedowns ...
Page 4
... taxpayer elects to deduct currently or amortize research expenses under Code section 174 ( Rev. Rul . 77-27 , 1977–1 C.B. 23 ) . S.768 Under the provisions of S. 768 , research and experimental expendi- tures ( within the meaning of sec ...
... taxpayer elects to deduct currently or amortize research expenses under Code section 174 ( Rev. Rul . 77-27 , 1977–1 C.B. 23 ) . S.768 Under the provisions of S. 768 , research and experimental expendi- tures ( within the meaning of sec ...
Page 11
... taxpayer can elect to value inventory at the lower of cost or market . Thus , when the value of an item of inventory declines below cost , a taxpayer using FIFO may write off the decline in value ( " market writedowns " ) and carry the ...
... taxpayer can elect to value inventory at the lower of cost or market . Thus , when the value of an item of inventory declines below cost , a taxpayer using FIFO may write off the decline in value ( " market writedowns " ) and carry the ...
Page 13
... taxpayer to elect to deduct cur- rently the amount of research or experimental expenditures incurred in connection ... elects to deduct its research expenses currently or to amortize them over a period of 60 months or more ( Rev. Rul ...
... taxpayer to elect to deduct cur- rently the amount of research or experimental expenditures incurred in connection ... elects to deduct its research expenses currently or to amortize them over a period of 60 months or more ( Rev. Rul ...
Page 14
... taxpayer elects to deduct currently under section 174 ( a ) would not be taken into account for purposes of the capital expenditure limita- tion on small issue industrial development bonds . S. 1472 would apply to research or ...
... taxpayer elects to deduct currently under section 174 ( a ) would not be taken into account for purposes of the capital expenditure limita- tion on small issue industrial development bonds . S. 1472 would apply to research or ...
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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