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Basic Question 4 of 9

True or False?

The financial reporting of gains and losses on exchanges of plant assets is different than the income tax reporting of gains and losses on exchanges of plant assets.
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User Contributed Comments 2

User Comment
foshanboy how about if the assets are dissimilar assets,which enable the loss or gain to be recognized either in financial reporting or tax reporting
johntan1979 That's beyond the requirements of CFA Level I
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I am using your study notes and I know of at least 5 other friends of mine who used it and passed the exam last Dec. Keep up your great work!
Barnes

Barnes

Learning Outcome Statements

explain and evaluate how impairment and derecognition of property, plant, and equipment and intangible assets affect the financial statements and ratios

CFA® 2025 Level I Curriculum, Volume 2, Module 7.