Author Question: Which of the following conditions are required for the use of the installment method? (Read 41 times)

yoooooman · **on:** Sep 13, 2020

Question 1

When accounting for long-term contracts (other than those for services), all of the following accounting methods may be acceptable with the exception of
◦ the allocated completion method of accounting.
◦ the completed contract method.
◦ the percentage of completion method.
◦ the modified percentage of completion method.

Question 2

Which of the following conditions are required for the use of the installment method?
◦ The taxpayer must realize a gain on the sale of the property.
◦ The taxpayer cannot be on the cash method.
◦ The value of the obligations received is determinable at the date of sale.
◦ All of these are required.

wuly · **Reply #1 on:** Sep 13, 2020

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