[zipties]

Ok… quick question is a gain on the bargain purchase of a business (e.g. the FMV > Consideration given) an ordinary gain which would be reported in continuing operations on the I/S or is it extraordinary (net of tax)? NINJA MCQs say extraordinary, but Roger says ordinary. FASB doesn’t strictly say that’s it’s extraordinary which leads me to believe that it’s not. What’s the right one?

FAR - 89
REG - 80
AUD - 95!!!
BEC - 86
Licensed in Massachusetts (1/2016)

Done with one attempt each thanks to Roger + NINJA 10-Pt Combo

[EuroAddict]

I am studying FAR now with becker and I would think it would come down to is it unusual and infrequent or was it done in every day operations.

My best guess is it would hit the I/S as cont. ops, not extraordinary.

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BEC - 77, 03/2015 (first try)
FAR - 79, 05/2015 (second try)
REG - 83, 12/2015 (first try)
AUD - 84, 03/2015 (first try)

I got 99 problems but the CPA ain't one.

[Author]

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