The difference between the reacquisition price and the net carrying amount on the books should be recognized currently in income as a loss or gain hen debt is extinguished before its maturity date through a refunding transaction.
What is income?
The amount of money, property, and other transfers of value obtained over a predetermined period of time in return for services or goods are often referred to as "income." Income is defined in accordance with the context in which the word is employed; there is no single, universal definition.
Therefore,
The difference between the reacquisition price and the net carrying amount on the books should be recognized currently in income as a loss or gain hen debt is extinguished before its maturity date through a refunding transaction.
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