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Thor Power Tool Company V. Commissioner
'' Thor Power Tool Company v. Commissioner'', 439 U.S. 522 (1979), was a United States Supreme Court case in which the Court upheld IRS regulations limiting how taxpayers could write down inventory. Thor manufactured equipment using multiple parts that it produced. It capitalized the costs of these parts when produced. When it had inventories of parts in excess of production needs, the company's accounting practice was to write down those inventories, taking a loss based on management judgment. However, IRS regulations accepted this "lower of cost or market" method for tax purposes only if the taxpayer could demonstrate a reduced market price, or the goods were defective or "subnormal". It did not permit companies to write down goods simply because they were not selling them. In court, the company argued that its deduction for loss should be allowed for tax purposes because it was permitted for accounting purposes. But the Court upheld the IRS regulations, saying, "There ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lawyers' Edition
The ''United States Supreme Court Reports, Lawyers' Edition'', or ''Lawyers' Edition'' (L. Ed. and L. Ed. 2d in case citations) is an unofficial reporter of Supreme Court of the United States opinions. The ''Lawyers' Edition'' was established by the Lawyers Cooperative Publishing Company of Rochester, New York in 1882, and features coverage of Supreme Court decisions going back to 1790. The first ''Lawyers' Edition'' series corresponds to the official ''United States Reports'' from volume 1 to volume 351, whereas the second series contains cases starting from the official reporter volume 352. It is currently published by LexisNexis. The ''Lawyers' Edition'' differs from the official reporter in that the editors write headnotes and case summaries, as well as provide annotations to some cases, and decisions are published far in advance of the official reporter. As such, it is similar to West's unofficial ''Supreme Court Reporter'' (S. Ct.). ''Lawyers' Edition'' case reports dif ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Revenue Code
The Internal Revenue Code (IRC), formally the Internal Revenue Code of 1986, is the domestic portion of federal statutory tax law in the United States, published in various volumes of the United States Statutes at Large, and separately as Title 26 of the United States Code (USC). It is organized topically, into subtitles and sections, covering income tax in the United States, payroll taxes, estate taxes, gift taxes, and excise taxes; as well as procedure and administration. The Code's implementing federal agency is the Internal Revenue Service. Origins of tax codes in the United States Prior to 1874, U.S. statutes (whether in tax law or other subjects) were not codified. That is, the acts of Congress were not separately organized and published in separate volumes based on the subject matter (such as taxation, bankruptcy, etc.). Codifications of statutes, including tax statutes, undertaken in 1873 resulted in the Revised Statutes of the United States, approved June 22, 1874, eff ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thor Power Tool Company
The Thor Power Tool Company was a manufacturer of tools, washing machines, motorcycles, vacuum cleaners, rotary irons, electric ranges, kitchen sinks, speed snips, electric shoe shine machines, and the Juvenator. History Thor was founded in 1893 by four men: John D. Hurley, Edward Hurley, John Patrick Hopkins, and Roger Charles Sullivan. nbsp; In 1894, another Thor brother, Neil C. Hurley Sr., was added to the Thor board of directors. The company would soon be organized and later known as the Independent Pneumatic Tool Company. The railroad industry first brought success to Thor. Its first product was the "Thor" pneumatic hammer to pound rivets and drill holes for bolts used to fasten the fire box of a locomotive to its boiler. The name "Thor" referred to: Thor, the mythical god of thunder, frequently pictured as wielding a mighty hammer. The name became popular and spread to other company products. iThe first factory was part of what had been a corset factory in Aurora, Ill ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supreme Court Of The United States
The Supreme Court of the United States (SCOTUS) is the highest court in the federal judiciary of the United States. It has ultimate appellate jurisdiction over all U.S. federal court cases, and over state court cases that involve a point of federal law. It also has original jurisdiction over a narrow range of cases, specifically "all Cases affecting Ambassadors, other public Ministers and Consuls, and those in which a State shall be Party." The court holds the power of judicial review, the ability to invalidate a statute for violating a provision of the Constitution. It is also able to strike down presidential directives for violating either the Constitution or statutory law. However, it may act only within the context of a case in an area of law over which it has jurisdiction. The court may decide cases having political overtones, but has ruled that it does not have power to decide non-justiciable political questions. Established by Article Three of the United States ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Write Down
A write-off is a reduction of the recognized value of something. In accounting, this is a recognition of the reduced or zero value of an asset. In income tax statements, this is a reduction of taxable income, as a recognition of certain expenses required to produce the income. Income tax In income tax calculation, a write-off is the itemized deduction of an item's value from a person's taxable income. Thus, if a person in the United States has a taxable income of $50,000 per year, a $100 telephone for business use would lower the taxable income to $49,900. If that person is in a 25% tax bracket, the tax due would be lowered by $25. Thus the net cost of the telephone is $75 instead of $100. In order for business owners to write off business expenses, the IRS states that purchases must be both ordinary and necessary. This means that deductible items must be usual and required for the business owner's field of work. For example, a telemarketer may deduct the purchase of a phone, sin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lower Of Cost Or Market
Lower of cost or market (LCM or LOCOM) is a conservative approach to valuing and reporting inventory. Normally, ending inventory is stated at historical cost. However, there are times when the original cost of the ending inventory is greater than the net realizable value, and thus the inventory has lost value. If the inventory has decreased in value below historical cost, then its carrying value is reduced and reported on the balance sheet. The criterion for reporting this is the current market value. Any loss resulting from the decline in the value of inventory is charged to "Cost of goods sold" (COGS) if non-material, or "Loss on the reduction of inventory to LCM" if material. History The lower of cost or market concept first became part of normal accounting practices in England during the nineteenth century. Lower of cost or market was considered fair because assets were valued on a going-concern basis, rather than the price at which the assets were purchased. During the nin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Generally Accepted Accounting Principles
Publicly traded companies typically are subject to rigorous standards. Small and midsized businesses often follow more simplified standards, plus any specific disclosures required by their specific lenders and shareholders. Some firms operate on the cash method of accounting which can often be simple and straight forward. Larger firms most often operate on an accrual basis. Accrual basis is one of the fundamental accounting assumptions and if it is followed by the company while preparing the Financial statements then no further disclosure is required. Accounting standards prescribe in considerable detail what accruals must be made, how the financial statements are to be presented, and what additional disclosures are required. Some important elements that accounting standards cover include: identifying the exact entity which is reporting, discussing any "going concern" questions, specifying monetary units, and reporting time frames. Limitations The notable limitations of accounting ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Remaindered Book
Remaindered books or remainders are printed books that are no longer selling well, and whose remaining unsold copies are liquidated by the publisher at greatly reduced prices. While the publisher may take a net loss on the sales of these books, they are able to recover at least some of their sunken costs on the sale and clear out space in the warehouses. Copies of remaindered books may be marked by the publisher, distributor, or bookseller to prevent them from being returned. "Remainder marks" have varied over the years, but today most remainders are marked with a stroke with a felt-tipped marker across the top or bottom of the book's pages, near the spine. Only hardcovers and trade paperbacks (paperback books, often larger than "pocket" paperbacks, sold "to the trade" or directly to sales outlets) are typically remaindered. Mass market paperbacks ("pocket" paperback books sold through a third-party distributor) usually become stripped books rather than remaindered books. A boo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Supreme Court Cases
This page serves as an index of lists of United States Supreme Court cases. The United States Supreme Court is the highest federal court of the United States. By Chief Justice Court historians and other legal scholars consider each Chief Justice of the United States who presides over the Supreme Court of the United States to be the head of an era of the Court. These lists are sorted chronologically by Chief Justice and include most major cases decided by the Court. * Jay, Rutledge, and Ellsworth Courts (October 19, 1789 – December 15, 1800) * Marshall Court (February 4, 1801 – July 6, 1835) * Taney Court (March 28, 1836 – October 12, 1864) * Chase Court (December 15, 1864 – May 7, 1873) * Waite Court (March 4, 1874 – March 23, 1888) * Fuller Court (October 8, 1888 – July 4, 1910) * White Court (December 19, 1910 – May 19, 1921) * Taft Court (July 11, 1921 – February 3, 1930) * Hughes Court (February 24, 1930 – June ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Taxation And Revenue Case Law
United may refer to: Places * United, Pennsylvania, an unincorporated community * United, West Virginia, an unincorporated community Arts and entertainment Films * ''United'' (2003 film), a Norwegian film * ''United'' (2011 film), a BBC Two film Literature * ''United!'' (novel), a 1973 children's novel by Michael Hardcastle Music * United (band), Japanese thrash metal band formed in 1981 Albums * ''United'' (Commodores album), 1986 * ''United'' (Dream Evil album), 2006 * ''United'' (Marvin Gaye and Tammi Terrell album), 1967 * ''United'' (Marian Gold album), 1996 * ''United'' (Phoenix album), 2000 * ''United'' (Woody Shaw album), 1981 Songs * "United" (Judas Priest song), 1980 * "United" (Prince Ital Joe and Marky Mark song), 1994 * "United" (Robbie Williams song), 2000 * "United", a song by Danish duo Nik & Jay featuring Lisa Rowe Television * ''United'' (TV series), a 1990 BBC Two documentary series * ''United!'', a soap opera that aired on BBC One from 1965-19 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1979 In United States Case Law
Events January * January 1 ** United Nations Secretary-General Kurt Waldheim heralds the start of the ''International Year of the Child''. Many musicians donate to the ''Music for UNICEF Concert'' fund, among them ABBA, who write the song ''Chiquitita'' to commemorate the event. ** The United States and the People's Republic of China establish full Sino-American relations, diplomatic relations. ** Following a deal agreed during 1978, France, French carmaker Peugeot completes a takeover of American manufacturer Chrysler's Chrysler Europe, European operations, which are based in United Kingdom, Britain's former Rootes Group factories, as well as the former Simca factories in France. * January 7 – Cambodian–Vietnamese War: The People's Army of Vietnam and Vietnamese-backed Kampuchean United Front for National Salvation, Cambodian insurgents announce the fall of Phnom Penh, Cambodia, and the collapse of the Pol Pot regime. Pol Pot and the Khmer Rouge retreat west to an area ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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