account" for "any amount received or accrued" and "such amount was properly taken into account" for "such amount was received or accrued".
Subsec. (b)(3)(B). Pub. L. 101-239, § 7621(c)(3), substituted "Paragraph (1)(B)" for "Paragraph (2)(B) and subsection (a)(2)" in introductory provisions.
Subsec. (b)(4). Pub. L. 101-239, § 7621(c)(1), redesignated par. (5) as (4). Former par. (4) redesignated (3).
Subsec. (b)(4)(A)(i). Pub. L. 101-239, § 7621(c)(4)(A), substituted "paragraph (2)" for "paragraph (3)".
Subsec. (b)(4)(A)(ii). Pub. L. 101-239, § 7621(c)(4)(B), substituted "paragraph (2)(B)" for "paragraph (3)(B)" in introductory provisions.
Subsec. (b)(4)(A)(ii)(I). Pub. L. 101-239, § 7621(c)(4)(C), substituted "paragraph (2)(A)" for "paragraph (3)(A)".
Subsec. (b)(4)(A)(iii). Pub. L. 101-239, § 7621(c)(4)(A), substituted "paragraph (2)" for "paragraph (3)" in two places.
Subsec. (b)(5). Pub. L. 101-239, § 7621(b), added par. (5).
Pub. L. 101-239, § 7621(c)(1), redesignated former par. (5) as (4).
Subsec. (e)(2)(C). Pub. L. 101-239, § 7811(e)(5), added subpar. (C).
Subsec. (e)(5). Pub. L. 101-239, § 7621(c)(5), inserted introductory provisions and struck out former introductory provisions which read as follows: "In the case of any residential construction contract which is not a home construction contract, subsection (a) shall be applied - ".
Subsec. (e)(6)(A). Pub. L. 101-239, § 7815(e)(1)(A), substituted "activities referred to in paragraph (4) with respect to" for "the building, construction, reconstruction, or rehabilitation of".
Subsec. (e)(6)(A)(i). Pub. L. 101-239, § 7815(e)(1)(B), added cl. (i) and struck out former cl. (i) which read as follows: "dwelling units contained in buildings containing 4 or fewer dwelling units, and".
1988 - Subsec. (a)(1)(A). Pub. L. 100-647, § 5041(a)(1), substituted "90" for "70".
Subsec. (a)(1)(B). Pub. L. 100-647, § 5041(a)(2), substituted "10" for "30".
Subsec. (a)(2). Pub. L. 100-647, § 5041(a)(1), substituted "90" for "70" in heading and in text.
Subsec. (b)(2). Pub. L. 100-647, § 1008(c)(2)(B), substituted "Except as provided in paragraph (4), in" for "In".
Subsec. (b)(2)(B). Pub. L. 100-647, § 1008(c)(4)(B), inserted "(or, with respect to any amount received or accrued after completion of the contract, when such amount is so received or accrued)" after "contract".
Subsec. (b)(3). Pub. L. 100-647, § 1008(c)(4)(A), inserted at end "For purposes of the preceding sentence, any amount received or accrued after completion of the contract shall be taken into account by discounting (using the Federal mid-term rate determined under section 1274(d) as of the time such amount was received or accrued) such amount to its value as of the completion of the contract. The taxpayer may elect with respect to any contract to have the preceding sentence not apply to such contract."
Pub. L. 100-647, § 1008(c)(1)(A), substituted "paragraph" for "subparagraph".
Subsec. (b)(3)(B). Pub. L. 100-647, § 1008(c)(1)(B), substituted "subparagraph (A)" for "paragraph (1)" in two places.
Subsec. (b)(3)(C). Pub. L. 100-647, § 1008(c)(1)(C), substituted "subparagraph (B)" for "paragraph (1)".
Subsec. (b)(4). Pub. L. 100-647, § 1008(c)(2)(A), added par. (4).
Subsec. (b)(5). Pub. L. 100-647, § 5041(d), added par. (5).
Subsec. (e)(1). Pub. L. 100-647, § 5041(b)(1), amended par. (1) generally. Prior to amendment, par. (1) read as follows: "Subsections (a), (b), and (c)(1) and (2) shall not