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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

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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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South Western Federal Taxation 2016 Individual Income Taxes

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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Question Details
Chapter # 18- Accounting Periods and Methods
Section: Discussion Questions
Problem: 21
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Question Posted: September 17, 2023 07:55:33
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