U.S. IRS Updates Practice Unit on Accounting for Land Developers and Contractors

The U.S. IRS has released an updated practice unit, Land Developers and Subcontractors - Proper Method of Accounting, which discusses the requirements in relation to using the completed contract method of accounting or the percentage of completion method. The General Overview is as follows:

NOTE: This Practice Unit reflects the updated citation referenced on slide 6. The Tax Cuts and Jobs Act (TCJA) redesignated IRC 460(e) paragraphs (4), (5) and (6) as (3), (4), and (5), respectively.

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