A bill to modify the tax treatment of long-term contracts with the Federal Government.

Summary

Requires the Secretary of the Treasury to modify income tax regulations relating to accounting for long-term contracts to provide that: (1) the amount includible in gross income with respect to any Federal long-term contract shall not be less than a certain amount; and (2) the completed contract method may not be used with respect to Federal long-term contracts. Defines "Federal long-term contract" as any long-term contract: (1) to which the United States (or any agency or instrumentality thereof) is a party; or (2) which is a subcontract to such a contract.

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Documents

1 official file

• Introduced in House

  summary · EN · 24 April 1985

  Open at official source

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