Bookkeeping

For example, partnerships, common trust funds, and simple trusts or grantor trusts are generally considered to be fiscally transparent with respect to items of income received by them. In such a case, the disregarded entity should complete Part I as if it were a beneficial owner and should not complete line 3. Foreign partnerships, foreign […]

Later in the same reporting period, ABC Corp. decides to sell some of these securities, realizing a $3,000 gain that had previously been recognized in OCI. The $3,000 is immediately reclassified out of OCI and recognized in earnings (net income). While net income is perhaps the most scrutinized figure, OCI can represent significant changes in