Income tax method

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

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.

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.