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 |
From inside the book
Results 1-5 of 6
Page 3
Under present law , a taxpayer may " write down " the value of its inventories ( thereby decreasing gross income in the year of writedown ) if the taxpayer uses the lower of cost or market method of inventory accounting or , in the case ...
Under present law , a taxpayer may " write down " the value of its inventories ( thereby decreasing gross income in the year of writedown ) if the taxpayer uses the lower of cost or market method of inventory accounting or , in the case ...
Page 5
A taxpayer using the latter method is permitted to write down the value of inventory items from the cost of the items to market value . ( In general , the market value of merchandise is the bid price prevailing in the marketplace for ...
A taxpayer using the latter method is permitted to write down the value of inventory items from the cost of the items to market value . ( In general , the market value of merchandise is the bid price prevailing in the marketplace for ...
Page 6
... method of accounting for its inventory was in conformity with the best accounting practice in its trade or business , because it was standard accounting policy to write down excess inventories to their net realizable value .
... method of accounting for its inventory was in conformity with the best accounting practice in its trade or business , because it was standard accounting policy to write down excess inventories to their net realizable value .
Page 7
This not only would give taxpayers the advantage of continuing to write off excess inventories until eventually challenged on audit , but it held out the prospect that the erroneous method of inventory accounting might never be ...
This not only would give taxpayers the advantage of continuing to write off excess inventories until eventually challenged on audit , but it held out the prospect that the erroneous method of inventory accounting might never be ...
Page 8
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 in excess of cost . A secondary issue is whether the application of Rev. Rul .
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 in excess of cost . A secondary issue is whether the application of Rev. Rul .
What people are saying - Write a review
We haven't found any reviews in the usual places.
Other editions - View all
Common terms and phrases
$10 million limitation allow taxpayers amortize amount apply to taxable average beginning after December bill capital expenditures Code section conformity conformity requirement continue cost or market December 31 determined disposed disposition Effective date elects to deduct ending inventory exceeding exception excess inventory expenses experimental expenditures future gross income held higher income tax industrial development bonds interest Internal Revenue Service inven inventory accounting less LIFO lower of cost market value market writedowns method of accounting method of inventory months offered paid period Present law Proc provisions qualified small businesses realizable recapture regulations relating replacement requirement research and experimental research expenditures research expenses research or experimental respect Ruling Senators small issue industrial sold statement taken into account tax purposes taxable income taxable years beginning taxable years ending taxpayer elects Thor Power decision tion trade or business write written
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 |