A Taxpayer Must Use the Same Accounting Method,either Percentage of Completion

question 29

True/False

A taxpayer must use the same accounting method,either percentage of completion or completed contract method,for all long-term contracts in the same trade or business.

---

Definitions:

Amino Acids

Organic compounds that are the building blocks of proteins, necessary for health and vital processes in living organisms.

Fluid-filled Sacs

Structures in organisms, such as bursae or cysts, containing liquid within a membranous enclosure, serving various physiological functions.

Double-Membrane Organelles

Cellular components surrounded by two lipid bilayers, including the nucleus, mitochondria, and chloroplasts in plants, playing various roles in cellular functioning.

Photosynthesis

The method through which green plants and certain organisms utilize sunlight to produce nutrients from carbon dioxide and water, releasing oxygen as a secondary product.