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 11
... income statement on a non - LIFO basis , the taxpayer must prepare its primary financial state- ments using LIFO ... taxable years beginning after December 31 , 1981 , market writedowns will be included in income ratably over a three ...
... income statement on a non - LIFO basis , the taxpayer must prepare its primary financial state- ments using LIFO ... taxable years beginning after December 31 , 1981 , market writedowns will be included in income ratably over a three ...
Page 12
... income tax ( Code sec . 103 ( a ) ) . However , subject to certain exceptions , interest on State and local issues of industrial development bonds is taxable ... taxability of interest paid on industrial development bonds ( sec . 103 ( b ) ( ...
... income tax ( Code sec . 103 ( a ) ) . However , subject to certain exceptions , interest on State and local issues of industrial development bonds is taxable ... taxability of interest paid on industrial development bonds ( sec . 103 ( b ) ( ...
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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