H.R. 2759 — Fair Accounting for Condominium Construction Act

This section expands the exception to the percentage-of-completion accounting method under IRC §460(e) from home construction contracts to residential construction contracts by replacing all references to the former term, applying a 3-year contract period (from 2 years) to residential construction contracts that are not home construction contracts, striking paragraph (4), and redesignating paragraph (5) as paragraph (4). It makes a conforming change to the alternative minimum tax exception in §56(a)(3). The amendments apply to contracts entered into after enactment.