answersLogoWhite

0


Best Answer

A short term contract is any contract that is started and completed within a fiscal year. A long-term contract is any contract that is started in a fiscal year and is completed in another fiscal year. For instance. If the taxpayer has a December 31 year end and a contract is started on December 24th and completed on January 3rd, this is deemed a long-term contract even though the duration of the contract was only 10 days.

User Avatar

Wiki User

βˆ™ 14y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: What is the Difference between short and long term contract?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

What is the difference between a short- and long-term goal?

the long term is different between a short term because the short


Explain the difference between a call option and a long position in a futures contract?

The only difference between a long call option and a long futures position is the derivative itself--one of them is an option, the other is a futures contract.


Is having a tangible property the difference between using the terms lease and rent?

No that is not the basic difference between the terms lease and rent. A lease is often a long term contract, where the details can't be altered. Rent is often more short term.


What is the difference between a short- and long- term goal?

A long-term goal is reached further in the future.


What is the main difference between long and short run?

Their length.


What is the difference between short net ton and a long gross ton?

well there is no difference


What is the difference between a long and short horned grasshopper?

Sounds to me like it'd be the length of their horns that is the difference.


What is the difference between a short neck and a long neck transmission?

short tail shaft or long tail shaft trans they are different lengths


What is the difference between a short rod nut and a short forged nut in regards to flared tubing?

short gas long H2O


What is the difference between short-term and long-term?

the difference is that short-term goal is a goal that can be reach in a short period of time, but long term goals are goals that can plan to reach over an extended period of time.


What is the difference between long I and short I?

The main difference between long "i" and short "i" is the duration of the sound. Long "i" is pronounced for a longer period of time, as in words like "time" or "ride." Short "i" is pronounced for a shorter period of time, as in words like "sit" or "big."


What is the difference long inseam short inseam regular?

The difference between a long inseam and a short inseam regular is approximately 4 inches. The insane is measured from the heel of the show to the crotch of the pants.