David is the sole proprietor of a real estate construction business. He uses the completed contract method
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David is the sole proprietor of a real estate construction business. He 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 2018, $180,000 of costs had been incurred. The contract is completed in 2019, with the total cost being $295,000. Determine the amount of adjustments for AMT purposes for 2018 and 2019.
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Related Book For
South-Western Federal Taxation 2020 Essentials Of Taxation Individuals And Business Entities
ISBN: 9780357109175
23rd Edition
Authors: Annette Nellen, James C. Young, William A. Raabe, David M. Maloney
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