Rev. Rul. 70-445

Revenue Ruling 60-85, C.B. 1960-1, 181, as it relates to the time for inclusion in income of prepaid income from contracts to furnish services, Revenue Ruling 65-141, C.B. 1965-1, 210, relating to the proper time of inclusion in income of advance payments for room and board received by a college dormitory corporation, and Revenue Ruling 68-44, C.B. 1968-1, 191, as it relates to the time for inclusion in income of amounts due under the "Cropland Adjustment Program" by a taxpayer employing the accrual method of accounting, are modified to the extent inconsistent with Section 3 of Revenue Procedure 70-21, page 501, this Bulletin, relating to the permissible methods of treating advance payments for services to be performed in the future by taxpayers using the accrual method of accounting.