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
Results 1-5 of 6
Page 3
... apply to taxable years ending on or after December 25 , 1979 . S.1276 S. 1276 would allow a qualified small business ... taxable years beginning after December 31 , 1980. Also , S. 1276 would delay the effective date of Rev. Proc . 80-5 ...
... apply to taxable years ending on or after December 25 , 1979 . S.1276 S. 1276 would allow a qualified small business ... taxable years beginning after December 31 , 1980. Also , S. 1276 would delay the effective date of Rev. Proc . 80-5 ...
Page 4
... tax purposes regardless of the method of inventory accounting used for purposes of ... taxable years beginning after the date of enactment of the bill . 2. S. 768 ... apply to obliga- tions issued after the date of enactment , and also to ...
... tax purposes regardless of the method of inventory accounting used for purposes of ... taxable years beginning after the date of enactment of the bill . 2. S. 768 ... apply to obliga- tions issued after the date of enactment , and also to ...
Page 8
... apply that average percentage to the current amount in the ending inventory for that group ; the resulting amount would be the taxpayer's excess inventory for that group . That amount of excess inventory would then be written down to ...
... apply that average percentage to the current amount in the ending inventory for that group ; the resulting amount would be the taxpayer's excess inventory for that group . That amount of excess inventory would then be written down to ...
Page 9
... filing an amended tax return . Effective date S. 578 , Section 1 This provision of S. 578 would apply to taxable years ending on or after December 25 , 1979 ( the date on which Rev. Proc . 80-5 and Rev. Rul . 80-60 became effective to ...
... filing an amended tax return . Effective date S. 578 , Section 1 This provision of S. 578 would apply to taxable years ending on or after December 25 , 1979 ( the date on which Rev. Proc . 80-5 and Rev. Rul . 80-60 became effective to ...
Page 13
... taxable year must be capitalized and cannot be deducted in the year paid or ... Tax Act of 1981 provides a 25 - percent tax credit for certain research and experimental expenditures paid in carrying ... apply to obligations issued after the.
... taxable year must be capitalized and cannot be deducted in the year paid or ... Tax Act of 1981 provides a 25 - percent tax credit for certain research and experimental expenditures paid in carrying ... apply to obligations issued after the.
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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