Accountants’ handbook. Special Industries and Special Topics - download pdf or read online

By D. R. Carmichael, O. Ray Whittington, Lynford Graham

This very popular reference is trusted through a substantial a part of the accounting occupation of their daily paintings. This guide is the 1st position many accountants glance to discover solutions to perform questions. Its entire scope is widely known and depended on. it really is designed as a unmarried reference resource that gives solutions to all moderate questions about accounting and monetary reporting requested through accountants, auditors, bankers, legal professionals, monetary analysts, and different preparers and clients of accounting info.

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However, regardless of this test, a down payment of 25 percent of the sales value of the property is usually considered sufficient to justify the recognition of profit at the time of sale. 15 × $1,000,000) Down payment necessary $ 200,000 1,000,000 200,000 $1,400,000 1,150,000 $ 250,000 Result Although the down payment required under Appendix A is only $140,000 (10% of $1,400,000), the $200,000 actual down payment is inadequate because the test relating to the newly placed first mortgage requires $250,000.

SFAS No. ” Although SFAS No. 7 specifically excludes mining companies from its application, the definition of a development stage enterprise is helpful in defining the point in time at which a mine’s development phase ends and its production phase begins. It is not uncommon for incidental and/or insignificant mineral production to occur before either economic production per the mine plan or other commercial basis for measurement is achieved. Expenditures during this time frame are commonly referred to as costs incurred in the start-up period.

Percentage depletion is a statutory depletion deduction that is a specified percentage of gross revenue at the well-head (15 percent for oil and gas) or mine for the particular mineral produced and is limited to a portion of the property’s taxable income before deducting such depletion. Percentage depletion may exceed the depletable cost basis. For purposes of computing the taxable income from the mineral property, gross income is defined as the value of the mineral before the application of nonmining processes.

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