In regards to extraordinary items, which of the following statements is not correct?
A) Losses due to lawsuits do not qualify as extraordinary.
B) An extraordinary gain is reported the same as a loss - net of the income tax effect.
C) Taking of a company assets by a foreign government are generally considered to be extraordinary items.
D) Extraordinary items are reported separately from continuing operations because of their infrequent and unusual nature.
A
You might also like to view...
Ross, a calendar-year, cash-basis taxpayer who died in June 2017, was entitled to receive a $10,000 accounting fee that had not been collected before the date of death. The executor of Ross's estate collected the full $10,000 in July 2017. This $10,000 should appear in
A. Only the decedent's final individual income tax return. B. Only the estate's fiduciary income tax return. C. Only the estate tax return. D. Both the fiduciary income tax return and the estate tax return.
The typical type of training for any type of team is
A) strategic. B) procedural. C) declarative. D) B & C. E) All of the above.