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#1
12-15-2006, 02:05 PM
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 Re: Lump settlement from business contract settlement curt[at]redingercpa.com wrote: - quote - > If a company receives a large lump sum settlement from a
When in doubt, ask "WWGD"? (what would GAAP do?) or say.> lawsuit against a customer is it all includable in income in > the year recieved?(assuming cash basis method of > accounting). Are there any conditions that might allow them > to defer the income? Installment payments are not an > option. ChEAr$, Harlan Lunsford, EA n LA << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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12-15-2006, 01:59 PM
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| Re: Lump settlement from business contract settlement curt[at]redingercpa.com wrote: - quote - > If a company receives a large lump sum settlement from a
When in doubt, ask "WWGD"? (what would GAAP do?) or say.> lawsuit against a customer is it all includable in income in > the year recieved?(assuming cash basis method of > accounting). Are there any conditions that might allow them > to defer the income? Installment payments are not an > option. ChEAr$, Harlan Lunsford, EA n LA << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
12-14-2006, 02:38 AM
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| Lump settlement from business contract settlement If a company receives a large lump sum settlement from a lawsuit against a customer is it all includable in income in the year recieved?(assuming cash basis method of accounting). Are there any conditions that might allow them to defer the income? Installment payments are not an option. << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| business, contract, lump, settlement |
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