This preview shows page 1. Sign up to view the full content.
Unformatted text preview: In both transactions with and without commercial substance, it required that all losses are recorded immediately. In his second transactions with non-commercial substance, the transaction does not have a significant impact on cash flows in the future. With non-commercial transactions, there is normally some sort of even trade and/or boot (supplemental payment) that take place. If a boot is received, this needs to be recognized immediately as a gain....
View Full Document
This note was uploaded on 04/06/2011 for the course ACC 300 taught by Professor Barga during the Spring '11 term at St. Leo.
- Spring '11