Accumulated profits: amalgamating company profits are added to amalgamated company, affecting dividend computation and income scope. An Explanation is added to the dividend definition to increase the amalgamated company's accumulated profits or losses by the accumulated profits of the ... Summary
Accumulated profits: amalgamating company profits are added to amalgamated company, affecting dividend computation and income scope.
An Explanation is added to the dividend definition to increase the amalgamated company's accumulated profits or losses by the accumulated profits of the amalgamating company on amalgamation. The definition of income is expanded to include fair market value of certain inventory and specified compensation, and the holding period for an asset converted from inventory is to be reckoned from the date of conversion or treatment.
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