A bill to modify the tax treatment of certain long-term contracts with the Department of Defense.

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 Defense Department long-term contract shall not be less than a certain amount; and (2) the completed contract method may not be used with respect to Defense Department long-term contracts. Defines Defense Department long-term contract as: (1) any long-term contract to which the Defense Department is a party; or (2) a subcontract to such a contract. Excludes certain contracts from consideration as Defense Department long-term contracts. Sets forth rules for the determination of a taxpayer's gross receipts.

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1 official file

• Introduced in Senate

  summary · EN · 12 June 1985

  Open at official source

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