The Internal Revenue Service has proposed amending its regulations to provide further guidance to taxpayers in the home construction industry.
The proposed regulations involve the accounting for certain types of long-term construction contracts that qualify as home construction contracts under Section 460(e)(6) of the Tax Code. The proposed regulations expand the types of contracts eligible for the home construction contract exemption and amend the rules for how taxpayer-initiated changes in methods of accounting to comply with the regulations under Section 460 may be implemented.
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