Neal uses the percentage of completion method to report his gross income from long-term contracts that were
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Neal uses the percentage of completion method to report his gross income from long-term contracts that were to begin in 2015. In 2016, he completes a contract for more than the estimate of total costs that was used in the prior year. What are the tax accounting implications of the incorrect estimate?
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Related Book For 
South Western Federal Taxation 2016 Individual Income Taxes
ISBN: 9781305393301
39th Edition
Authors: James H. Boyd, William H. Jr. Hoffman, David M. Maloney, William A. Raabe, James C. Young
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