Rust Company is a real estate construction business with average annual gross receipts of $3 million. Rust
Question:
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 2014, $180,000 of costs had been incurred. The contract is completed in 2015, with the total cost being $295,000. Determine the amount of any AMT adjustments for 2014 and 2015?
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In 2014 there is a positive AMT adjustment of 120000 AMT Revenues 500000 6...View the full answer
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Related Book For 
South Western Federal Taxation 2016 Comprehensive
ISBN: 9781305395114
39th Edition
Authors: James H. Boyd, William H. Jr. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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