Rust Company is a real estate construction business with average annual gross receipts of $3 million. Rust

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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 2016, $180,000 of costs had been incurred. The contract is completed in 2017, with the total cost being $295,000. Determine the amount of adjustments for AMT purposes for 2016 and 2017?
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South Western Federal Taxation 2018 Essentials Of Taxation Individuals And Business Entities

ISBN: 9781337386173

21st Edition

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

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