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United States · Bill · S

S. 2622 (97th)

A bill relating to the tax treatment of long-term contracts with respect to taxable years beginning after December 31, 1982.

openUnited States· United States Congress· EN

Introduced

10 June 1982

Last action

—

Status

Committee on Finance requested executive comment from OMB; Treasury Department.

Sponsors

—

Subjects

Discovery layer

Source updated

3 January 2025

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Summary

Amends the Internal Revenue Code to provide for the percentage of completion, completed contract, or any other accounting method which clearly reflects income from the performance of contracts which normally require more than 12 months to complete. Sets forth rules for the severance or aggregation of contracts, for the treatment of a contract as completed, and for the treatment of contract costs.

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Documents

1 official file

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Sources

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