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
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 ...
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Section 2 of S. 578 would allow 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 ...
Section 2 of S. 578 would allow 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 ...
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For Federal income tax purposes , Code section 471 requires a taxpayer to account for inventories in a manner that conforms as nearly as possible to the best accounting practice in the taxpayer's trade or business and most clearly ...
For Federal income tax purposes , Code section 471 requires a taxpayer to account for inventories in a manner that conforms as nearly as possible to the best accounting practice in the taxpayer's trade or business and most clearly ...
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The Court stated that the Congress has given the Internal Revenue Service broad discretion , under Code sections 446 and 471 , to determine whether a particular method of inventory accounting clearly reflects the taxpayer's income .
The Court stated that the Congress has given the Internal Revenue Service broad discretion , under Code sections 446 and 471 , to determine whether a particular method of inventory accounting clearly reflects the taxpayer's income .
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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 ...
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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 Expenses From Capital 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 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 |