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 |
From inside the book
Page 6
... regulations for writedowns of inventory below cost . The Court stated that the Congress has given the Internal Revenue Service broad dis- cretion , under Code sections 446 and 471 , to determine whether a par- ticular method of ...
... regulations for writedowns of inventory below cost . The Court stated that the Congress has given the Internal Revenue Service broad dis- cretion , under Code sections 446 and 471 , to determine whether a par- ticular method of ...
Page 7
... regulations , the Supreme Court also rejected the taxpayer's argument that con- formity to generally accepted ... regulations that would have mitigated the income recapture required under the Thor Power decision . Under the 1980-1 C.B. ...
... regulations , the Supreme Court also rejected the taxpayer's argument that con- formity to generally accepted ... regulations that would have mitigated the income recapture required under the Thor Power decision . Under the 1980-1 C.B. ...
Page 8
... regulations , normal goods may be written down to below market value if the goods are offered for sale at below market prices in the taxable year the writedown is to be taken . The taxpayers claim that if they had had proper notice of ...
... regulations , normal goods may be written down to below market value if the goods are offered for sale at below market prices in the taxable year the writedown is to be taken . The taxpayers claim that if they had had proper notice of ...
Page 11
... regulations have been issued that allow taxpayers using LIFO to dis- close in their financial statements the amount of earnings they would have had on a non - LIFO basis . However , although the regulations allow the taxpayer to prepare ...
... regulations have been issued that allow taxpayers using LIFO to dis- close in their financial statements the amount of earnings they would have had on a non - LIFO basis . However , although the regulations allow the taxpayer to prepare ...
Page 12
... regulations , expenditures are treated as capital ex- penditures for this purpose if they are properly chargeable to the capital account of any person or State or local governmental unit . This determination is to be made without regard ...
... regulations , expenditures are treated as capital ex- penditures for this purpose if they are properly chargeable to the capital account of any person or State or local governmental unit . This determination is to be made without regard ...
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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