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Q. Explain about Wash Sale?
Wash Sale - A wash sale takes place if stock or securities are sold at a LOSS and seller acquires substantially identical stock or SECURITIES 30 days after or before the sale. Stock or securities for this purpose comprises contracts or operations to acquire or sell stock or securities. Losses incurred in a wash sale can't be deducted. It doesn't matter if total 60 day period begins in one tax year and ends in another. Though disallowed loss isn't permanently lost. Instead, basis in the newly acquired stock or securities is the same basis as of stock or securities sold, adjusted by the difference in price of stock or securities.
What are the engagement procedures of auditing
Audit of Holding Companies and Group Accounts Authoritative documents are as: The Companies Act Cap 486 IAS 27 IAS 28 IAS 31 IFRS 3 ISA 600 r
AsList and define five audit procedures for obtaining audit evidence. (ii) Why is it necessary to obtain corroborating evidence for inquiry and observation? (iii) What is the dif
Consultancy services
Problem 10.42 An investment of $83 generates after-tax cash flows of $49 in Year 1, $67 in Year 2, and $131 in Year 3. The required rate of return is 20 percent. The net presen
why are the figures presented to an auditor not sufficient for absolute reliance
Question : Describe the methodology and process of conducting an audit. Define audit Describe the methodology of conducting an audit Describe the process of conduc
Stock Taking - Audit Process The procedures for carrying out physical stock taking vary in detail according to the circumstances and size of the business and the life of its
Litigation and claims ISA 501 Audit Evidence - Additional Consideration for exact Items requires such auditors should carry our process to become aware of any material litig
Selection of a Sample - Audit Process The following accounts must be involved in debtor's circularisation: 1) Large balances since they are large and the moreover you can sub
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