Interest Computation Under the Look-Back Method for Completed Long-Term Contracts

• Privacy Act and Paperwork Reduction Act Notice.
• General Instructions
• Changes To Note
• Election Not To Apply Look-Back Method in De Minimis Cases
• Interest Rate Periods
• Purpose of Form
• Who Must File
• General Rule
• Exception for Certain Construction Contracts
• Small Contract Exception
• De Minimis Exception
• Filing Instructions
• If You Owe Interest or No Interest Is To Be Refunded To You
• If Interest Is To Be Refunded To You
• Filing a Corrected Form 8697
• Attachments
• Applying the Look-Back Method Under Special Situations
• 10% Method
• Change Orders
• Post-Completion Adjustments
• General Rule
• Delayed Reapplication Method
• Specific Instructions
• Filing Year
• Name
• Address
• Item A - Identifying Number
• Part I - Regular Method
• Columns (a), (b), and (c)
• Line 1
• Line 2
• Lines 4 and 5
• Lines 7 and 8
• Contracts Completed in Tax Years Ending Before August 6, 1997
• Contracts Completed in Tax Years Ending After August 5, 1997
• Line 9
• Line 10
• Part II - Simplified Marginal Impact Method
• Columns (a), (b), and (c)
• Line 1
• Line 2
• Line 3
• Line 4
• Line 5
• Lines 8 and 9
• Line 10
• Line 11

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