For income tax purposes,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.

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According to the IRS, a taxpayer must use the same accounting method for all long-term contracts in the same trade or business, either the percentage of completion method or the completed contract method. This ensures consistency and accuracy in reporting income and expenses related to long-term contracts.

For Income Tax Purposes,a Taxpayer Must Use the Same Accounting