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Unformatted text preview: If there is no commercial substance: If no cash is involved, no gain will be recognized. If cash is given, no gain is recognized. If cash is received, part of the gain is recognized. Cash Received/Cash Received + Fair Value of Asset Received = % of gain to recognize If the % of gain to recognize > 25%, recognize entire gain....
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This note was uploaded on 03/02/2012 for the course AICS 3115 taught by Professor Lynnalmond during the Spring '11 term at Virginia Tech.
- Spring '11