H.R. 5151 — A bill to amend the Internal Revenue Code of 1986 to provide that contracts for residential construction which are completed in less than 12 months shall be exempt from the requirement to use the percentage of completion method.

Summary

Amends accounting provisions of the Internal Revenue Code to provide that the percentage completion method shall not be required in the case of any residential construction contract that the taxpayer expects to be completed within one year.

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Related Legislation

H.R. 4333Technical and Miscellaneous Revenue Act of 1988
1988-11-10Became Public Law No: 100-647.
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S. 2694A bill to amend the Internal Revenue Code of 1986 to provide that contracts for residential construction which are completed in less than 12 months shall be exempt from the requirement to use the percentage completion method.
1988-08-05Read twice and referred to the Committee on Finance.
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Legislative Actions

1988-08-03
Introduced in House
1988-08-03
Introduced in House
1988-08-03
Referred to House Committee on Ways and Means.
1988-11-10
Provisions of Measure Incorporated Into H.R.4333.

A bill to amend the Internal Revenue Code of 1986 to provide that contracts for residential construction which are completed in less than 12 months shall be exempt from the requirement to use the percentage of completion method.

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