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 |
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Page 4
... bill would extend the three - year recapture of inventory writedowns to ten years . The provisions of sections 2 and 3 of the bill would be effective for taxable years beginning after the date of enactment of the bill . 2. S. 768 ...
... bill would extend the three - year recapture of inventory writedowns to ten years . The provisions of sections 2 and 3 of the bill would be effective for taxable years beginning after the date of enactment of the bill . 2. S. 768 ...
Page 5
... BILLS 1. S. 578 - Senators Moynihan , Melcher , Eagleton , East , Williams , Baucus , Inouye , and Sarbanes , and S. 1276 - Senators Duren- berger , Melcher , Boschwitz , Zorinsky , and Grassley a . Section 1 of S. 578 and S. 1276 ...
... BILLS 1. S. 578 - Senators Moynihan , Melcher , Eagleton , East , Williams , Baucus , Inouye , and Sarbanes , and S. 1276 - Senators Duren- berger , Melcher , Boschwitz , Zorinsky , and Grassley a . Section 1 of S. 578 and S. 1276 ...
Page 8
... bill would define excess inventory as that portion of the taxpayer's ending inventory which the taxpayer reasonably expects will be disposed of at less than full realization of its cost . The amount of the excess inventory would be ...
... bill would define excess inventory as that portion of the taxpayer's ending inventory which the taxpayer reasonably expects will be disposed of at less than full realization of its cost . The amount of the excess inventory would be ...
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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