Terms

Terms (1)Long-term contract. A long-term contractgenerally is any contract for the manufacture, building, installation, or construction of property if the contract is not completed within the contracting year, as defined inparagraph (b)(5)of this section. However, a contract for the manufacture of property is a long-term contract only if it also satisfies either the unique item or 12-month requirements described in 1.4602. A contract for the manufacture of personal property is amanufacturing contract.In contrast, a contract for the building, installation, or construction of real property is aconstruction contract.

Source

26 CFR § 1.460-1


Scoping language

None
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