Income tax method
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Income tax method is when plant assets are exchanged, tax law says the gain or loss must be absorbed into the cost of the new asset.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Income tax method. When plant assets are exchanged, tax law says the gain or loss must be absorbed into the cost of the new asset.
Related concepts
- Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.
