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1065 returns

Completed Contract Method

The purpose of this template is to compute the adjustment from financial statement income (using the percentage of completion method) to taxable income (using the completed contract method).

Entering Information

All of the information needed to produce the calculations is entered on the Input worksheet in the input tables. The yellow highlighted cells are calculated fields, and no data should be entered in these cells. Gray cells are not calculated fields, but data should not be entered in these cells.
Additional lines can be inserted into the tables as needed by clicking the * by the Total line.
Complete the two input tables, as indicated.  The first table is for contracts completed during the current year. The second table is for contracts that remain uncompleted at the end of the year.

Enter the following information:

For contracts completed during the year:
  • Contract number (Optional input can be omitted.)
  • Revenue and costs from the prior year
  • Revenue and costs for the current year
For contracts uncompleted at the end of the year:
  • Revenue and costs before the beginning of the current year