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Rust Company is a real estate construction business with average annual gross receipts of $3 million. Rust uses the completed contract method on a particular contract that requires 16 months to complete. The contract is for $500,000, with estimated costs of $300,000. At the end of 2016, $180,000 of costs had been incurred. The contract is completed in 2017, with the total cost being $295,000. Determine the amount of adjustments for AMT purposes for 2016 and 2017.

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Rust Company is a real estate construction business with average annual gross

receipts of $3 million. Rust uses the completed contract method on a particular contract that requires 16 months to complete. The contract is for $500,000, with estimated costs of $300,000. At the end of 2016, $180,000 of costs had been incurred. The contract is completed in 2017, with the total cost being $295,000. Determine the amount of adjustments for AMT purposes for 2016 and 2017.   

 
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