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of <h1>Profit computation rules: percentage-of-completion generally; project-completion for services =90 days; straight-line for indeterminate acts; include retention, exclude incidental income</h1> Profits from construction contracts and service contracts are computed using the percentage-of-completion method under prescribed income computation standards; however, service contracts lasting 90 days or less use the project-completion method, and contracts involving an indeterminate number of acts over a period use the straight-line method. For these methods, contract revenue includes retention money, and contract costs cannot be reduced by incidental income such as interest, dividends, or capital gains.
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