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 5
... trade or business and most clearly reflects the taxpayer's income . Treasury reg- ulations provide that the two most commonly used bases for valuing inventories which satisfy these requirements are ( 1 ) cost and ( 2 ) the lower of cost ...
... trade or business and most clearly reflects the taxpayer's income . Treasury reg- ulations provide that the two most commonly used bases for valuing inventories which satisfy these requirements are ( 1 ) cost and ( 2 ) the lower of cost ...
Page 6
... company's method of accounting for its inventory was in conformity with the best accounting practice in its trade or business , because it was stan- dard accounting policy to write down excess inventories to their net realizable value ...
... company's method of accounting for its inventory was in conformity with the best accounting practice in its trade or business , because it was stan- dard accounting policy to write down excess inventories to their net realizable value ...
Page 8
... business would be defined as a domestic trade or business with equity capital of $ 25 million or less . Special rules would be provided to treat commonly controlled trades or businesses as a single trade or business for purposes of ...
... business would be defined as a domestic trade or business with equity capital of $ 25 million or less . Special rules would be provided to treat commonly controlled trades or businesses as a single trade or business for purposes of ...
Page 12
... trade or business of a per- son other than a governmental unit or tax - exempt organization and ( 2 ) payment of principal or interest is secured by an interest in , or derived from payments with respect to , property or borrowed money ...
... trade or business of a per- son other than a governmental unit or tax - exempt organization and ( 2 ) payment of principal or interest is secured by an interest in , or derived from payments with respect to , property or borrowed money ...
Page 13
... trade or business , even if such ex- penses are treated as capital account charges or deferred expenses on the taxpayer's books or financial statements ( sec . 174 ( a ) ; Rev. Rul . 58-78 , 1958-1 C.B. 148 ) . In the case of research ...
... trade or business , even if such ex- penses are treated as capital account charges or deferred expenses on the taxpayer's books or financial statements ( sec . 174 ( a ) ; Rev. Rul . 58-78 , 1958-1 C.B. 148 ) . In the case of research ...
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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