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 3
... sold and hence a taxpayer's gross income from the sale of goods . 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 ...
... sold and hence a taxpayer's gross income from the sale of goods . 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 ...
Page 5
... sold . The computation of cost of goods sold is made by taking the beginning inventory , adding the purchases made during the year , and subtracting the ending inventory . The resulting amount is the amount of goods that were disposed ...
... sold . The computation of cost of goods sold is made by taking the beginning inventory , adding the purchases made during the year , and subtracting the ending inventory . The resulting amount is the amount of goods that were disposed ...
Page 6
... sold . Also , the write- down did not reflect an offer to sell the replacement parts at less than market value or actual sales of subnormal goods . The " excess " inven- tories were physically indistinguishable from normal goods , and ...
... sold . Also , the write- down did not reflect an offer to sell the replacement parts at less than market value or actual sales of subnormal goods . The " excess " inven- tories were physically indistinguishable from normal goods , and ...
Page 8
... sold at prices in excess of cost . A secondary issue is whether the application of Rev. Rul . 80-60 and Rev. Proc . 80-5 should be delayed from 1979 to 1981 . Explanation of provisions S. 578 , Section 1 S. 578 would allow taxpayers to ...
... sold at prices in excess of cost . A secondary issue is whether the application of Rev. Rul . 80-60 and Rev. Proc . 80-5 should be delayed from 1979 to 1981 . Explanation of provisions S. 578 , Section 1 S. 578 would allow taxpayers to ...
Page 10
... sold . The computation of cost of goods sold is made by taking the beginning inventory , adding the purchases made during the year , and subtractiing the ending inventory . The resulting amount is the amount of goods that were disposed ...
... sold . The computation of cost of goods sold is made by taking the beginning inventory , adding the purchases made during the year , and subtractiing the ending inventory . The resulting amount is the amount of goods that were disposed ...
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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