Election Not to Apply Look-Back Method in De Minimis Cases
other · IRS · Rule · Published 1998-07-02 · Effective 1998-07-02 · 63 FR 36180
Document
Document number
98-17697
Federal Register citation
63 FR 36180
CFR reference
26 CFR 1
Type
Rule
Action
Final and temporary regulations.
Category
other
Sub-agency
IRS
Publication date
1998-07-02
Effective date
1998-07-02
Treasury docket
TD 8775
Abstract
This document contains regulations explaining how a taxpayer elects under section 460(b)(6) not to apply the look-back method to long-term contracts in de minimis cases. The regulations reflect changes to the law made by the Taxpayer Relief Act of 1997 and affect manufacturers and construction contractors whose long-term contracts otherwise are subject to the look-back method.