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
... LIFO Inventories Under present law , 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 ...
... LIFO Inventories Under present law , 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 ...
Page 4
... taxpayers to use LIFO accounting for tax purposes regardless of the method of inventory accounting used for purposes of financial statements . Section 3 of the bill would extend the three - year recapture of inventory writedowns to ten ...
... taxpayers to use LIFO accounting for tax purposes regardless of the method of inventory accounting used for purposes of financial statements . Section 3 of the bill would extend the three - year recapture of inventory writedowns to ten ...
Page 10
... in inventory is determined . LIFO In 1938 , the Congress allowed the use of LIFO by taxpayers in a few specified industries , and in 1939 , by all taxpayers . However , it was unclear at that time whether the accounting profession accepted ...
... in inventory is determined . LIFO In 1938 , the Congress allowed the use of LIFO by taxpayers in a few specified industries , and in 1939 , by all taxpayers . However , it was unclear at that time whether the accounting profession accepted ...
Page 11
... taxpayers using LIFO to dis- close in their financial statements the amount of earnings they would have had on a non - LIFO basis . However , although the regulations allow the taxpayer to prepare a supplemental income statement on a non - ...
... taxpayers using LIFO to dis- close in their financial statements the amount of earnings they would have had on a non - LIFO basis . However , although the regulations allow the taxpayer to prepare a supplemental income statement on a non - ...
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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