For AMT purposes,a taxpayer must use which method to report proceeds from long-term contracts?
A)The installment method.
B)The completed contract method.
C)The percentage-of-completion method.
D)None of these.

Question

Quizplus · Accepted Answer

The percentage-of-completion method is required for AMT purposes for reporting proceeds from long-term contracts. The IRS has determined that this method provides a more accurate reflection of income than the completed contract or installment methods.

For AMT Purposes,a Taxpayer Must Use Which Method to Report