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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Section 1 of S. 578 and S. 1276 – Inventory Writedowns Present law For income tax purposes , inventories are used as a method of determining the cost of goods sold and hence a taxpayer's gross income from the sale of goods .
Section 1 of S. 578 and S. 1276 – Inventory Writedowns Present law For income tax purposes , inventories are used as a method of determining the cost of goods sold and hence a taxpayer's gross income from the sale of goods .
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Section 1 of S. 578 and S. 1276 — Inventory Writedowns Present law Background Gross income from the sale of goods equals gross sales receipts less the cost of goods sold . The computation of cost of goods sold is made by taking the ...
Section 1 of S. 578 and S. 1276 — Inventory Writedowns Present law Background Gross income from the sale of goods equals gross sales receipts less the cost of goods sold . The computation of cost of goods sold is made by taking the ...
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... individual replacement parts , but a judgment that less than all the parts would be sold . Also , the writedown did not reflect an offer to sell the replacement parts at less than market value or actual sales of subnormal goods .
... individual replacement parts , but a judgment that less than all the parts would be sold . Also , the writedown did not reflect an offer to sell the replacement parts at less than market value or actual sales of subnormal goods .
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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 .
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Sections 2 and 3 of S. 578 — LIFO Inventories Present law Background Gross income from the sale of goods equals gross sales receipts less the cost of goods sold . The computation of cost of goods sold is made by taking the beginning ...
Sections 2 and 3 of S. 578 — LIFO Inventories Present law Background Gross income from the sale of goods equals gross sales receipts less the cost of goods sold . The computation of cost of goods sold is made by taking the beginning ...
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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 |