07 Jun Question 1. What is the principal source of legislative guidance that provides “Special Rules for Long-Term Contracts”?
Question
1. What is the principal source of legislative guidance that provides “Special Rules for Long-Term Contracts”?
2. What are the three terms that the IRS uses to define “long-term contract” and what do they mean?
3. What two categories does Section 460 divide the manufacture, building, installation, or the construction of property into?
4. What is the difference between real and personal property?
5. What two methods was the construction industry allowed to use for recognizing income prior to the Tax Reform Act of 1986?
6. What did the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) direct the treasure to modify?
7. What two criteria is CCM limited to for “small contracts”?
8. What is the Alternative Minimum Tax (AMT)?
9. What form is required in order to change a method of accounting with the IRS?
10. What are the powers the IRS wields when it discovers the use of an incorrect method of accounting during an audit?
11. What relief is granted by the IRS if the taxpayer takes the steps to correct an accounting method?
12. What is the look-back method and what does it require?
13. What are the De Minimus Rules on the look-back method?
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