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Y. ACTION: Final regulations. SUMMARY: This document contains final regulations describing how income from a long-term contract must be accounted for under section 460 of the Internal Revenue Code, which was enacted by the Tax Reform Act of 1986. A taxpayer manufacturing or constructing property under a long-term contract will be affected by these regulations. DATES: Effective Date: These regulations are effective on January 11, 2001. Applicability Date: These regulations apply to any contract e.

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