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What is Long-Term Contract Tax Rules Explained about?

This document summarizes key provisions of 26 USC § 460, which provides special rules for accounting for long-term contracts. It requires use of the percentage of completion method to determine taxable income from long-term contracts. It also describes the look-back method for adjusting tax liability based on actual contract price and costs. Certain simplified and elective methods are allowed for smaller contracts or taxpayers.

Author

Bhava Nath Dahal

Language

EN