Crude Oil Windfall Profit Tax Act of 1980: recognition of gains on certain corporate liquidations involving LIFO inventory

Journal Article · Sun Nov 30 23:00:00 EST 1980 · Oil Gas Tax Q.; (United States)

OSTI ID:6705857

Schmidt, M M

The Crude Oil Windfall Profit Tax (WPT) of 1980 changes the incidence and philosophy of taxing corporate liquidations involving last-in, first-out (LIFO) inventory. Given the current economic decline in many corporations, the looming taxation of LIFO inventory profits under the WPT may provide the impetus for some shareholders to elect to liquidate their corporation. Liquidation before December 31, 1981 will increase the shareholders' probability of receiving some distribution of the proceeds, making 1980 and 1981 good years to go out of business. 23 references.

• Research Organization: Ohio State Univ., Columbus
• OSTI ID: 6705857
• Journal Information: Oil Gas Tax Q.; (United States), Journal Name: Oil Gas Tax Q.; (United States) Vol. 24:2; ISSN OGTQD
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020700 -- Petroleum-- Economics
Industrial
& Business Aspects
29 ENERGY PLANNING, POLICY, AND ECONOMY
293000 -- Energy Planning & Policy-- Policy
Legislation
& Regulation
294002* -- Energy Planning & Policy-- Petroleum
ACCOUNTING
ECONOMIC IMPACT
INDUSTRY
INVENTORIES
PETROLEUM INDUSTRY
TAXES
WINDFALL PROFITS TAX