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

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 10 June 1982

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 10 June 1982

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 14 June 1982

   Committee

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

   Source: Committee

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 10 June 1982

  Open at official source

Sponsors

• Sen. Danforth, John C. [R-MO] · R · Sponsor
• Sen. Moynihan, Daniel Patrick [D-NY] · D · Sponsor
• Sen. Mitchell, George J. [D-ME] · D · Sponsor
• Sen. Symms, Steven D. [R-ID] · R · Sponsor
• · ssfi00 · Standing

Related records

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