Form 8697 - Interest Computation Under the Look-Back Method for Completed Long-Term Contracts

Form 8697 - Interest Computation Under the Look-Back Method for Completed Long-Term Contracts

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Interest Computation Under the Look-Back Method for Completed Long-Term Contracts. Form 8697

Use Form 8697, Interest Computation Under the Look-Back Method for Completed Long-Term Contracts, to:

-- to figure the interest due or to be refunded under the look-back method of section 460(b)(2) on certain long-term contracts that are accounted for under either the percentage of completion method or the percentage of completion-capitalized cost method. For guidance concerning these methods, see Notice 89-15, 1989-1 C.B. 634. For details and computational examples illustrating the use of the look-back method, see Regulations section 1.460.

From Fedforms.Gov:
"Persons who complete long-term contracts that were accounted for using the percentage of completion or completion-capitalized cost methods use Form 8697 to figure the interest due or to be refunded under the look-back method."

DOWNLOAD Form 8697

This form may be downloaded directly from the IRS website. To open or download, in PDF format, simply click on the link below:

Form 8697

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