Long. term contract reported on percentage-of-completion method. S has a long- term contract as defined in § 1.460–1(b)(1) with respect to which it reports income ac- cording to the percentage-of-completion method as described in § 1.460–4(b). The por- tion of the gross contract price which cor- responds to the percentage of the entire con- tract which has been completed during the taxable year is included in S’s gross receipts for the year.
Appears in 6 contracts
Samples: www.govinfo.gov, www.govinfo.gov, www.govinfo.gov
