Excerpt from Description of Possible Options to Increase Revenues: July 16, 1982 A taxpayer which enters into long-term contracts may elect to use one of four accounting methods to account for the income and expenses attributable to such contracts. Long-term contracts gener ally are building, installation, construction, or manufacturing con tracts that are not completed by the end of the taxable year in which they were entered into. A manufacturing contract is not a long-term contract unless it involves the manufacture of either (1) unique items of a type not normally carried in the finished goods inventory of the taxpayer or (2) items that normally require more than 12 months to complete. The four methods used to account for long-term contracts are the cash method, the accrual method, the percentage of completion method, and the completed contract method. The cash and accrual methods are methods applicable to all types of income of all tax payers generally. The percentage of completion method and the completed contract method apply only to long-term contracts. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.