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
... tory writedowns which failed to comply with these Treasury regula- tions , on the ground that such writedowns fail to clearly reflect income ( Thor Power Tool Co. v . Commissioner ) . Subsequently , the Internal Revenue Service issued ...
... tory writedowns which failed to comply with these Treasury regula- tions , on the ground that such writedowns fail to clearly reflect income ( Thor Power Tool Co. v . Commissioner ) . Subsequently , the Internal Revenue Service issued ...
Page 6
... writedowns of inventory below cost . The Court stated that the Congress has given the Internal Revenue Service broad ... tories were physically indistinguishable from normal goods , and the company stated that it continued to sell the ...
... writedowns of inventory below cost . The Court stated that the Congress has given the Internal Revenue Service broad ... tories were physically indistinguishable from normal goods , and the company stated that it continued to sell the ...
Page 8
... tory writedowns and would not have had to recapture income with respect to that inventory . Issues The principal issue is whether taxpayers should be able to write down the value of excess inventories that continue to be sold at prices ...
... tory writedowns and would not have had to recapture income with respect to that inventory . Issues The principal issue is whether taxpayers should be able to write down the value of excess inventories that continue to be sold at prices ...
Page 11
... writedowns " ) and carry the inventory at its new lower value . Under LIFO , the taxpayer may not take such a ... tory writedowns over a ten - year period . Explanation of provisions Section 2 of the bill would eliminate the conformity ...
... writedowns " ) and carry the inventory at its new lower value . Under LIFO , the taxpayer may not take such a ... tory writedowns over a ten - year period . Explanation of provisions Section 2 of the bill would eliminate the conformity ...
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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
Bibliographic information
| Title | 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, 1981 |
| Contributors | United States. Congress. Senate. Committee on Finance. Subcommittee on Taxation and Debt Management, United States. Congress. Joint Committee on Taxation |
| Publisher | U.S. Government Printing Office, 1981 |
| Original from | Purdue University |
| Digitized | 27 Aug 2012 |
| Length | 14 pages |
| Export Citation | BiBTeX EndNote RefMan |