Description
Course Description
A long-term contract method of accounting is only available to taxpayers that have long-term contracts. Therefore, whether a long-term contract exists, and the classification of the contract must be determined prior to selecting a proper method of accounting. This section of the course defines long term contracts and discusses various factors involved in making this determination.
Objectives
- Understand Background and Definition
- Review Contracts IRC Section 460 Scope
- Learn Electrical Contractor and Manufacturing Contracts
- Understand Contract Classifications
- Review Severing and Aggregating Contracts
Course Hours: 4
