Fixed Asset Retirement

[@BoxingisbetterthanMMA61610]

Thanks so much for clearing my doubts really lucky that i bumped into this video.

[@hazemkamalmaz8772]

200k subscriptors 🔥👏👏. Congratulations sir . You deserve it 🙏😍

[@Edspira]

Thank you so much 😀

[@MyFinancialFocus]

Straight to the point :)

[@sandeeproychoudhury510]

Sir, can you explain retirement of incorrect asset created. What is the retirement entry and P&L impact.
Eg asset created in wrong category.
Please explain this topic.

[@KumR]

Thanks for these quickies :-)

[@Edspira]

You bet!

[@M-A-R-K]

How does that work for tax purposes? Are they able to just write off the rest of the asset because it’s not in service anymore?

[@Edspira]

Yes, per the tax rules in the U.S. the company can record a loss: www.law.cornell.edu/cfr/text/26/1.167(a)-8