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 8
... inventory for sale at reduced prices in 1979. Thus , they would have been in ... inventories that continue to be sold at prices in excess of cost . A secondary ... accounting for a taxable year ending after 9 December 24 , 1979 and before ...
... inventory for sale at reduced prices in 1979. Thus , they would have been in ... inventories that continue to be sold at prices in excess of cost . A secondary ... accounting for a taxable year ending after 9 December 24 , 1979 and before ...
Page 9
... accounting for any such taxable year back to the method of accounting that had been previously used . This change ... inventory writedowns for qualified small businesses would apply to taxable years beginning after December 31 , 1980 ...
... accounting for any such taxable year back to the method of accounting that had been previously used . This change ... inventory writedowns for qualified small businesses would apply to taxable years beginning after December 31 , 1980 ...
Page 10
... inventory , adding the purchases made during the year , and subtractiing the ending inventory . The resulting amount ... accounting profession accepted LIFO as clearly reflecting income for purposes of financial statements . Since clear ...
... inventory , adding the purchases made during the year , and subtractiing the ending inventory . The resulting amount ... accounting profession accepted LIFO as clearly reflecting income for purposes of financial statements . Since clear ...
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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