Participants in a Solo 401k have the option to make Roth 401k contributions only with the salary deferral portion of the Solo 401k. In 2015 the Roth 401k salary deferral contribution limit is $18,000 and $24,000 if age 50 or older (2014 salary deferral limit is $17,500 and $23,000 if age 50 or older).he profit sharing portion of the Solo 401k contribution is not eligible to be made as a Roth contribution. Profit sharing contributions are made pre-tax and are tax deductible. Note: The combined 2015 salary deferral and profit sharing contributions in a Solo 401k cannot exceed $53,000 or $59,000 if age 50 or older.
Construction and engineering contracts normally use the percentage of completion method for revenue recognition. Under U.S. generally accepted accounting principles, the PCM is the preferred method for contract accounting, and GAAP places a number of conditions and restrictions upon its use. GAAP also allows the completed contract method, in which a contractor donât recognize expenses or revenues until the contract is finished.
The guarantorâs bargain, essentially, is that liability must be accepted for the excess costs to achieve completion with the full construction loan proceeds advanced. The amount of outstanding mortgage debt is the upper limit on the amount of damages that may be recovered under a completion guarantee â and any other guarantee, for that matter. The guarantee is security, and ancillary, to the mortgage debt.