41. LO.3 Rust Company is a real estate construction business with average annual gross receipts of $3
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41. LO.3 Rust Company is a real estate construction business with average annual gross receipts of $3 million. Rust uses the completed contract method on a particular contract that requires 16 months to complete. The contract is for $500,000, with estimated costs of $300,000. At the end of 2013, $180,000 of costs had been incurred. The contract is completed in 2014, with the total cost being $295,000. Determine the amount of adjustments for AMT purposes for 2013 and 2014.
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Related Book For
South-Western Federal Taxation 2014 Corporations Partnerships Estates And Trusts
ISBN: 9781285424484
37th Edition
Authors: William H. Hoffman Jr., William A. Raabe, James E. Smith, David M. Maloney, James C. Young
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