Neal uses the percentage of completion method to report his gross income from long-term contracts that were

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Neal uses the percentage of completion method to report his gross income from long-term contracts that were to begin in 2016. In 2017, he completes a contract for more than the estimate of total costs that was used in the prior year. What are the tax accounting implications of the incorrect estimate?
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South Western Federal Taxation Individual Income Taxes 2017

ISBN: 9781305873988

40th Edition

Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen

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