A taxpayer must use the same accounting method,either percentage of completion or completed contract method,for all long-term contracts in the same trade or business.

Question

Quizplus · Accepted Answer

This is true according to the Internal Revenue Service (IRS). Once a taxpayer chooses a method for a long-term contract in a particular trade or business, they must use that method for all contracts in that same trade or business.

A Taxpayer Must Use the Same Accounting Method,either Percentage of Completion