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 6
... tion 471 regulations regarding market writedowns , and that the tax- payer's writedown did not conform to those requirements . The company's writedown of " excess inventory " reflected not a re- duction in the market value of the ...
... tion 471 regulations regarding market writedowns , and that the tax- payer's writedown did not conform to those requirements . The company's writedown of " excess inventory " reflected not a re- duction in the market value of the ...
Page 7
... tion regarding excess inventories , stated in its conclusion that if a taxpayer did not account for inventory in accordance with the Thor Power decision and Revenue Procedure 80-5 , the taxpayer would be filing its tax return " not in ...
... tion regarding excess inventories , stated in its conclusion that if a taxpayer did not account for inventory in accordance with the Thor Power decision and Revenue Procedure 80-5 , the taxpayer would be filing its tax return " not in ...
Page 11
... tion and include the entire amount of market writedowns in income in that year . Issues The issues are whether to eliminate the LIFO conformity require- ment , and whether to allow taxpayers to spread the recapture of inven- tory ...
... tion and include the entire amount of market writedowns in income in that year . Issues The issues are whether to eliminate the LIFO conformity require- ment , and whether to allow taxpayers to spread the recapture of inven- tory ...
Page 12
... tion but would be used in connection with large scale , high cost projects . Both the $ 1 million and $ 10 million limitations are determined by aggregating the face amount of all outstanding related issues , plus , in the case of the ...
... tion but would be used in connection with large scale , high cost projects . Both the $ 1 million and $ 10 million limitations are determined by aggregating the face amount of all outstanding related issues , plus , in the case of the ...
Page 14
... tion on small issue industrial development bonds . S. 1472 would apply to research or experimental expenditures paid or incurred after March 11 , 1981 , with respect to obligations issued after that date . Purdue University Libraries 3 ...
... tion on small issue industrial development bonds . S. 1472 would apply to research or experimental expenditures paid or incurred after March 11 , 1981 , with respect to obligations issued after that date . Purdue University Libraries 3 ...
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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