Form 3115 - Application For Change In Accounting Method Page 6
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Form 3115 (Rev. 12-2009)
Page
Schedule D—Change in the Treatment of Long-Term Contracts Under Section 460, Inventories, or Other
Section 263A Assets (see instructions)
Part I
Change in Reporting Income From Long-Term Contracts (Also complete Part III on pages 7 and 8.)
1
To the extent not already provided, attach a description of the applicant’s present and proposed methods for reporting income
and expenses from long-term contracts. Also, attach a representative actual contract (without any deletion) for the requested
change. If the applicant is a construction contractor, attach a detailed description of its construction activities.
Are the applicant’s contracts long-term contracts as defined in section 460(f)(1) (see instructions)?
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2a
Yes
No
b
If “Yes,” do all the contracts qualify for the exception under section 460(e) (see instructions)? .
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Yes
No
If line 2b is “No,” attach an explanation.
c If line 2b is “Yes,” is the applicant requesting to use the percentage-of-completion method using cost-to-
cost under Regulations section 1.460-4(b)?
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Yes
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d If line 2c is “No,” is the applicant requesting to use the exempt-contract percentage-of-completion
method under Regulations section 1.460-4(c)(2)? .
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Yes
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If line 2d is “Yes,” attach an explanation of what cost comparison the applicant will use to determine a
contract’s completion factor.
If line 2d is “No,” attach an explanation of what method the applicant is using and the authority for its use.
3a Does the applicant have long-term manufacturing contracts as defined in section 460(f)(2)? .
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Yes
No
b If “Yes,” attach an explanation of the applicant’s present and proposed method(s) of accounting for long-
term manufacturing contracts.
c Attach a description of the applicant’s manufacturing activities, including any required installation of manufactured goods.
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To determine a contract’s completion factor using the percentage-of-completion method:
a Will the applicant use the cost-to-cost method in Regulations section 1.460-4(b)? .
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Yes
No
b If line 4a is “No,” is the applicant electing the simplified cost-to-cost method (see section 460(b)(3) and
Regulations section 1.460-5(c))?
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Yes
No
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Attach a statement indicating whether any of the applicant’s contracts are either cost-plus long-term
contracts or Federal long-term contracts.
Change in Valuing Inventories Including Cost Allocation Changes (Also complete Part III on pages 7 and 8.)
Part II
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Attach a description of the inventory goods being changed.
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Attach a description of the inventory goods (if any) NOT being changed.
3 a Is the applicant subject to section 263A? If "No," go to line 4a
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Yes
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b Is the applicant's present inventory valuation method in compliance with section 263A (see instructions)?
If "No," attach a detailed explanation .
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Yes
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Inventory Not
Inventory Being Changed
Being Changed
4 a Check the appropriate boxes below.
Identification methods:
Present method
Proposed method
Present method
Specific identification .
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FIFO .
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LIFO
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Other (attach explanation) .
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Valuation methods:
Cost
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Cost or market, whichever is lower
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Retail cost
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Retail, lower of cost or market .
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Other (attach explanation) .
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b Enter the value at the end of the tax year preceding the year of change
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If the applicant is changing from the LIFO inventory method to a non-LIFO method, attach the following information (see
instructions).
a Copies of Form(s) 970 filed to adopt or expand the use of the method.
b Only for applicants requesting advance consent. A statement describing whether the applicant is changing to the method
required by Regulations section 1.472-6(a) or (b), or whether the applicant is proposing a different method.
c Only for applicants requesting an automatic change. The statement required by section 22.01(5) of the Appendix of Rev.
Proc. 2008-52 (or its successor).
3115
Form
(Rev. 12-2009)
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