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#26
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Matt Barrow wrote:
AIR, you have a reserve to pay a KNOWN FUTURE expense. This is distinct from a CAPITAL account which is set aside to buy a CAPITAL ASSET in the future. That's all accounting practice, but it has no bearing in regard to taxes. If you got money in the bank, it is an asset. If it derives interest, it's income. It doesn't matter what you consider it to be for use. As one put it, this is different still from a sinking fund which is, IIUC, how depreciation is handled when a depreciable item will have to be replaced when it's useful life is ended. None of which has squat to do with taxes. |
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