Page 552 - Large Business IRS Training Guides
P. 552
New IRC § 451(c)(4)(A)
Advance Payment – Definition (cont’d)
• Full inclusion in gross income for the taxable
year of receipt is a permissible method of
accounting
• Any portion of which is included in revenue by
the taxpayer in an AFS for a subsequent
taxable year
• For goods, services, or such other items as
may be identified by the Secretary.
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