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Basic Question 0 of 11

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 just wanted to share the good news that I passed CFA Level I!!! Thank you for your help - I think the online question bank helped cut the clutter and made a positive difference.
Edward Liu

Edward Liu

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.