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
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In 1979 , the U.S. Supreme Court upheld the disallowance of inventory writedowns which failed to comply with these Treasury regulations , on the ground that such ...
In 1979 , the U.S. Supreme Court upheld the disallowance of inventory writedowns which failed to comply with these Treasury regulations , on the ground that such ...
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Treasury regulations provide that the two most commonly used bases for valuing inventories which satisfy these requirements are ( 1 ) cost and ( 2 ) the lower of cost or market ( Reg . 8 1.471–2 ( c ) ) . A taxpayer using the latter ...
Treasury regulations provide that the two most commonly used bases for valuing inventories which satisfy these requirements are ( 1 ) cost and ( 2 ) the lower of cost or market ( Reg . 8 1.471–2 ( c ) ) . A taxpayer using the latter ...
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... the U.S. Supreme Court affirmed decisions of the Seventh Circuit and Tax Court upholding the disallowance of “ excess inventory ” writedowns which failed to satisfy the requirements under the section 471 regulations for writedowns ...
... the U.S. Supreme Court affirmed decisions of the Seventh Circuit and Tax Court upholding the disallowance of “ excess inventory ” writedowns which failed to satisfy the requirements under the section 471 regulations for writedowns ...
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7 Upholding the Revenue Service's determination that the writedown did not clearly reflect income , as required by the regulations , the Supreme Court also rejected the taxpayer's argument that conformity to generally accepted ...
7 Upholding the Revenue Service's determination that the writedown did not clearly reflect income , as required by the regulations , the Supreme Court also rejected the taxpayer's argument that conformity to generally accepted ...
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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 ...
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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 |