Ascertained liability for bond discount allows deduction in year of issue rather than year of resumption. When debentures are issued on discount by a financial institution, the discount becomes an ascertained liability in the year of issue, and the loss ... Summary
Ascertained liability for bond discount allows deduction in year of issue rather than year of resumption.
When debentures are issued on discount by a financial institution, the discount becomes an ascertained liability in the year of issue, and the loss represented by that discount is deductible in the year of issue rather than deferred.
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