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Advanced Financial Accounting: Chapter 4

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1 Advanced Financial Accounting: Chapter 4
Group Reporting III: Consolidation under IAS 27 Tan & Lee Chapter 4 © 2009

2 Learning Objectives Understand the principles underlying elimination of intragroup balances and transactions; Understand the rationale for consolidation adjustments to opening retained earnings (RE); Appreciate the significance of upstream vs downstream sales & the impact on non-controlling interests (NCI); and Pass the appropriate consolidation adjustments to eliminate unrealized profit or loss from transfers of fixed assets and inventory. Tan & Lee Chapter 4 © 2009

3 Content 1. Elimination of intragroup transactions and balances
Elimination of realized intragroup transactions Elimination of intragroup balances Adjustment of unrealized profit or loss arising from intercompany transfers Impact on non-controlling interests arising from adjustments of unrealized profit or loss Special considerations for intercompany transfers of fixed assets Special accounting considerations when intragroup transfers are made at a loss Tan & Lee Chapter 4 © 2009

4 Elimination of Intragroup Transactions and Balances
Operational and financial interdependencies within the group entities Lead to intragroup transactions and balances Intragroup transactions include: Buying or selling of inventory; Transferring of long lived assets; Rendering or procuring of services; and Providing financing among the companies within the group Transfer of assets within the group usually includes a profit margin: Risks and rewards of ownership of assets remain in the group Profit is unrealized until the asset is sold to a 3rd party The time lag between purchase and resale of assets results in overstatement/understatement of group profit/loss and assets Tan & Lee Chapter 4 © 2009

5 Elimination of Intragroup Transactions and Balances
Intragroup balances arise from unsettled balances of intragroup transactions E.g. Loan receivable/ payable to or from group companies , Dividend receivable/payable, Accounts receivable/payable to or from group companies From an economic perspective, an entity is not able to transact with itself All intra-group transactions and balances are to be eliminated during consolidation Elimination adjustments are made in relation to the original entries passed in the separate financial statements Tan & Lee Chapter 4 © 2009

6 Principles Governing Elimination
Outstanding balances due to or from companies within a group are eliminated Transactions in the income statement between the group companies are eliminated Unrealized profit or loss included in assets are eliminated in full (both parent’s & NCI’s share) Tax effects on unrealized profit or loss included in assets should be adjusted according to IAS 12 Income Taxes Balances with associates (“significant influence”) are not eliminated Associates are not part of the group Tan & Lee Chapter 4 © 2009

7 Content Elimination of intragroup transactions and balances
Elimination of realized intragroup transactions Elimination of intragroup balances Adjustment of unrealized profit or loss arising from intercompany transfers Impact on non-controlling interests arising from adjustments of unrealized profit or loss Special considerations for intercompany transfers of fixed assets Special accounting considerations when intragroup transfers are made at a loss Elimination of realized intragroup transactions Tan & Lee Chapter 4 © 2009

8 Elimination of Realized Intragroup Transactions
“Offsetting” effect on the group’s net profit from realized transactions Profit recorded by the selling company offsets the expense recorded by the buying company However, elimination is still required to avoid overstatement of individual line items Examples: 1. Transactions relating to interest: No time lag in the recognizing of interest by borrower and lender Interest income exactly offsets the interest expense Elimination entry: Dr Interest Income Cr Interest Expense Tan & Lee Chapter 4 © 2009

9 Elimination of Realized Intragroup Transactions
2. Transactions relating to services provided Provision and consumption of services are simultaneous Transactions are recorded in the same period by both parties Elimination entry: 3. Transfers of inventories that are resold to 3rd party in the same period Profit recorded by selling company offsets the higher cost of sale recorded by buying company Dr Service Income Cr Service Expense Dr Sales Cr Cost of Sales Tan & Lee Chapter 4 © 2009

10 Content Elimination of intragroup transactions and balances
Elimination of realized intragroup transactions Elimination of intragroup balances Adjustment of unrealized profit or loss arising from intercompany transfers Impact on non-controlling interests arising from adjustments of unrealized profit or loss Special considerations for intercompany transfers of fixed assets Special accounting considerations when intragroup transfers are made at a loss Elimination of intragroup balances Tan & Lee Chapter 4 © 2009

11 Prior to Elimination Reconciliation is carried out when the balances recorded in both companies differ Usually, reconciling items are due to: Problems Reconciliation adjustments In-transit items (recorded by only one company) Either adjusted out or recognized in a manner consistent with the other party’s treatment Errors and omissions Correct the error or pass entry to record the omitted entry Dispute on the transaction Either recognized by the disputing party or adjusted out by the party that recorded the items in books Tan & Lee Chapter 4 © 2009

12 Reconciliation of intercompany balances
Reconciliation of balances between Sub A and Sub B $ Amount owing by B in A’s book as at 31 December 20X5 40,000 Less: Items in A’s book but not in B’s books: Disputed (note 1) (1,500) Goods received on 29 December 20X5 (note 2) (3,200) Repair for goods not under warranty (note 3) (300) Less: payment made in December 20X5 by B not recorded by A (note 4) (17,000) Amount owing to A in B’s book as at 31 December 20X5 18,000 Tan & Lee Chapter 4 © 2009

13 Reconciliation Note 1: Either Sub A had to reverse the sale or Sub B had to accrue for the invoice Note 2: Since goods were received before the year end, Sub B had to record the inventory Note 3: Since repairs were not covered under warranty, Sub B had to record the repair costs Note 4: Follow –up action is necessary to ascertain the reason for the non-clearance. If the cheque is lost, Sub B is required to reverse the payment entry Dr Inventory 3,200 Cr Payable to A Dr Repair costs 300 Cr Payable to A Dr Bank 17,000 Cr Payable to A Tan & Lee Chapter 4 © 2009

14 Content Elimination of intragroup transactions and balances
Elimination of realized intragroup transactions Elimination of intragroup balances Adjustment of unrealized profit or loss arising from intercompany transfers Impact on non-controlling interests arising from adjustments of unrealized profit or loss Special considerations for intercompany transfers of fixed assets Special accounting considerations when intragroup transfers are made at a loss Adjustment of unrealized profit or loss arising from intercompany transfers Tan & Lee Chapter 4 © 2009

15 Intragroup Transfers of Inventory and Fixed Assets
Unrealized profit and loss in asset (arising from intragroup transaction) should be eliminated in full If the transferred asset is an inventory: It should be carried at original cost and not the transferred price Adjustments are made to: Eliminate the profit element Recognize profit only when the inventory is sold to 3rd party If the transferred asset is a fixed asset: The asset should be carried at original cost less accumulated depreciation Subsequent depreciation is based on original cost and not the transferred price Tan & Lee Chapter 4 © 2009

16 Adjustment to Opening Retained Earnings (RE)
When a transaction is recognized by a legal entity in one period and by the economic entity in another period Consolidation adjustments are passed through opening RE Consolidated opening RE should be the same as the consolidated closing RE of the previous period The summation of the opening RE of the legal entities in the group will not be equal to the consolidated Opening RE Consolidated adjustments that have a “one-sided effect” on RE (i.e. elimination adjustments are not fully offsetting) must be re-enacted to opening RE of the next period E.g. Unrealized profit from intragroup balances in the previous year are adjusted against opening RE in the subsequent year Tan & Lee Chapter 4 © 2009

17 Adjustments to Eliminate Unrealized Profit
Assuming no NCI effect In the current period: Dr Sales Cr Cost of sales Inventory In the following period (if unsold): Dr Opening RE Cr Inventory Remove unrealized profit in inventory Inter-company sales is reversed Eliminate realized cost of sales Reverse unrealized cost of sales In the following period (if sold): Dr Opening RE Cr Cost of sales Adjust cost of sales from transfer price to original cost Unsold % x Unrealized profit Tan & Lee Chapter 4 © 2009 17

18 Tax Effects on Adjustments to Eliminate Unrealized Profit (Loss)
Consolidated tax expense must reflect the tax effects of the consolidated profit before tax (assuming no NCI) When unrealized profit is eliminated: Profit is taxable for the legal entity but not the economic entity A deferred tax asset arises (i.e. in the form of a prepaid tax) Consolidation adjustment: The tax expense is recognized when the asset is sold to 3rd party In the current period: Dr Deferred tax asset Cr Tax expense In the following period (if unsold): Dr Deferred tax asset Cr Opening RE In the following period (if sold): Dr Opening RE Cr Tax expense Tan & Lee Chapter 4 © 2009

19 Illustration 1: Upstream Sale
S is a wholly owned subsidiary of P On 1 April 20X1, S sold inventory costing $7,000 to its P for $10,000 On 5 Jan 20X2, P sold the inventory to external party for $15,000 Tax rate was 20% . Year-end is 31 Dec 20X1 Q1 What are the consolidation journal entries as at YE 31 Dec 20X1 ? Dr Sales (S’s I/S) 10,000 Cr Cost of sales (S’s I/S) 7,000 Inventory (P’s B/S) 3,000 This entry is to reduce current year profits and overstatement of inventory for the unrealized profit of $3,000 Dr Deferred tax asset (Group B/s) 600 (3,000 * 20%) Cr Tax expense (S’s I/S) 600 Tax effects of profit adjustment Tan & Lee Chapter 4 © 2009

20 Illustration 1: Upstream Sale
Q2: What are the consolidation entries as at 31 Dec 20X2? Dr Opening RE (S’s B/S) 3,000 Cr Cost of sales (P’s B/S) This entry is to reduce previous year profit through opening RE and recognize profit in the current year when the inventory is sold to a 3rd party Dr Tax expense (group’s I/S) 600 Cr Opening RE Since the profit is realized in this year, the tax expense should be recognized in the group’s income statement in the current year Or Dr Deferred tax asset 600 Cr Opening RE Tax expense Tan & Lee Chapter 4 © 2009

21 Content Elimination of intragroup transactions and balances
Elimination of realized intragroup transactions Elimination of intragroup balances Adjustment of unrealized profit or loss arising from intercompany transfers Impact on non-controlling interests arising from adjustments of unrealized profit or loss Special considerations for intercompany transfers of fixed assets Special accounting considerations when intragroup transfers are made at a loss 5. Impact on non-controlling interests arising from adjustments of unrealized profit or loss Tan & Lee Chapter 4 © 2009

22 Downstream Sale Unrealized profit resides in Parent’s book Parent
Subsidiary 90 % owned Sales were made from parent to subsidiary Unrealized profit resides in Parent’s book In downstream sale, NCI’s share of profit of the subsidiary is not affected because the adjustment affects the parent’s profit not the subsidiary Tan & Lee Chapter 4 © 2009

23 Upstream Sale Parent Sales were made from subsidiary to parent
90 % owned Sales were made from subsidiary to parent Unrealized profit resides in Subsidiary’s book In upstream sale, the unrealized profit resides in the subsidiary. Thus, NCI’s share of the unrealized profit or loss needs to be adjusted from the carrying amount of the asset (IAS 27 Para 21) Tan & Lee Chapter 4 © 2009

24 Illustration 2: Upstream and Downstream Sales
P invested in 70% of shares of S Intercompany transfers of inventory are as follows: Tax rate: 20% Net profit after tax of S: $800,000 (31 Dec 20X3) $900,000 (31 Dec 20X4) 20X3 20X4 Sale of inventory from P to S Original cost of inventory Gross profit Percentage unsold to 3rd party at year end $60,000 $(50,000) $10,000 10% 4% Sale of inventory from S to P $200,000 $(170,000) $30,000 30% 0% Tan & Lee Chapter 4 © 2009

25 Illustration 2: Upstream and Downstream Sales
31 Dec 20X3 Eliminate intercompany sales and adjust unrealized profit in inventory Dr Sales 60,000 Cr Cost of sales 59,000 Inventory 1,000 (Elimination of intercompany sales and adjustment of unrealized profit from downstream sale) Unrealized profit x percentage unsold Dr Sales 200,000 Cr Cost of sales 191,000 Inventory 9,000 (Elimination of intercompany sales and adjustment of unrealized profit from upstream sale) Tan & Lee Chapter 4 © 2009

26 Illustration 2: Upstream and Downstream Sales
2) Adjust the tax effects on unrealized profit Dr Deferred tax asset 200 Cr Tax expense (Elimination of intercompany sales and adjustment of unrealized profit from downstream sale) Unrealized profit from unsold inventory x 20% Dr Deferred tax asset 1,800 Cr Tax expense (Adjustment for tax effects on unrealized profit in inventory from upstream sale) Tan & Lee Chapter 4 © 2009

27 Illustration 2: Upstream and Downstream Sales
3) Allocate share of current profit and RE to NCI Dr Income to NCI 237,840 Cr NCI Net profit after tax of S * 800,000 Less: Unrealized profit from upstream sale (9,000) Add: Tax on unrealized profit 1,800 Adjusted profit 792,800 NCI’s share (30%) * Note: No adjustment is required for the unrealized profit from downstream sale as profit resides in parent income Tan & Lee Chapter 4 © 2009

28 Illustration 2: Upstream and Downstream Sales
31 Dec 20X4 1) Adjust opening RE and adjust unrealized profit in inventory Dr Opening RE 1,000 Cr Cost of sales 600 Inventory 400 (Adjustment of unrealized profit in RE from downstream sale in 31 Dec 20X3) Dr Opening RE 6,300 NCI 2,700 Cr Cost of sales 9,000 (Adjustment of unrealized profit in RE from upstream sale in 31 Dec 20X3) Need to adjust NCI’s share of unrealized profit from upstream sale Tan & Lee Chapter 4 © 2009

29 Illustration 2: Upstream and Downstream Sales
2) Adjust the tax effect Dr Tax expense 120 Deferred tax asset 80 Cr Opening RE 200 (Adjustment for tax effects on unrealized profit from downstream sale in RE) Dr Tax expense 1,800 Cr Opening RE 1,260 NCI 540 (Adjustment for tax effects on unrealized profit in inventory from upstream sale) Tan & Lee Chapter 4 © 2009

30 Illustration 2: Upstream and Downstream Sales
3) Allocate share of current profit and RE to NCI Dr Income to NCI 272,160 Cr NCI Net profit after tax of S * 900,000 Add: Unrealized profit from upstream sale 9,000 Less: Tax on unrealized profit (1,800) Adjusted profit 907,200 NCI share (30%) * Note: Adjustments to current year profit: 1) Realized profit & tax from prior years is added back 2) Unrealized profit & tax from unsold inventory in current year is deducted (none in this year) Tan & Lee Chapter 4 © 2009

31 Content Elimination of intragroup transactions and balances
Elimination of realized intragroup transactions Elimination of intragroup balances Adjustment of unrealized profit or loss arising from intercompany transfers Impact on non-controlling interests arising from adjustments of unrealized profit or loss Special considerations for intercompany transfers of fixed assets Special accounting considerations when intragroup transfers are made at a loss Special considerations for intercompany transfers of fixed assets Tan & Lee Chapter 4 © 2009

32 Transfers of Fixed Assets
When fixed assets (FA) are transferred at a marked-up price The unrealized profit must be eliminated from the carrying amount of FA It is as though the transfer did not take place from the group’s perspective Acc. Dep. NBV Original cost Before Transfer After Transfer Transfer price Mark up $40,000 + Profit on sale Tan & Lee Chapter 4 © 2009

33 Adjustments of Transfers of Fixed Assets
Restate the FA carrying amount to the NBV at the point of transfer Profit on sale of FA is adjusted out of: Consolidated income statement if sale occurred in the same period Opening RE if sale occurred in the previous period 3. Subsequent depreciation is based on original cost of asset & estimated useful life (including revision of estimate) The difference between the old and new depreciation is adjusted to: Consolidated income statement for current year Opening RE for prior year accumulated depreciation Tan & Lee Chapter 4 © 2009

34 Adjustments of Transfers of Fixed Assets
The profit or loss on transfer of FA is realized through the higher or lower depreciation charge subsequently Tax effect must be adjusted on the unrealized profit and subsequent corrections of depreciation Tan & Lee Chapter 4 © 2009

35 Impact on NCI When an Unrealized Profit Arises from an Intragroup Transfer of FA
Downstream sales: No impact on NCI Upstream sales: NCI is adjusted for: Unrealized profit on sale of FA Correction of over/under-depreciation Tax effect on unrealized profit Tax effect on correction of over/under-depreciation Tan & Lee Chapter 4 © 2009

36 Illustration 3: Downstream Transfer of Fixed Assets
1 Jan 20X2: P sold equipment to S for $360,000 The original cost of the equipment was $400,000 The remaining useful life was 10 years from the original purchase date The remaining useful life is 8 years from the date of transfer Assume a tax rate of 20% Status Quo With sale Amount to be restored/adjusted Cost of asset Acc. Dep Current Dep Profit on sale $400,000 $120,000 40,000 - $360,000 $45,000 45,000 $40,000 $75,000 5,000 Tan & Lee Chapter 4 © 2009

37 Illustration 3: Downstream Transfer of Fixed Assets
31 Dec 20X2 CJE 1: Adjustment of unrealized profit Dr Equipment (S) 40,000 Profit on Sale (P) Cr Accumulated depreciation (S) 80,000 Reversal of these entries: In P’s Books Dr Cash 360,000 Acc. dep 80,000 Cr Equipment 400,000 Profit on sale 40,000 In S’s Books Dr Equipment 360,000 Cr Cash Dep 45,000 Acc. Dep Tan & Lee Chapter 4 © 2009

38 Illustration 3: Downstream Transfer of Fixed Assets
CJE 2: Reverse tax on profit on sale Dr Deferred tax asset (group’s BS) 8,000 Cr Tax expense (P) $40,000 $20,000 $60,000 Acc. Dep. Dep exp: $45,000 Depreciation Transfer $360,000 NBV: $315,000 8 yrs Excess5K Depreciation Dep Exp: $40,000 $320,000 No Transfer 8 yrs NBV: $280,000 Tan & Lee Chapter 4 © 2009

39 Illustration 3: Downstream Transfer of Fixed Assets
CJE 3: Correct the over-depreciation on unrealized profit included in equipment Dr Accumulated depreciation (S) 5,000 Cr Depreciation (S) Old depreciation 40,000 New depreciation 45,000 Over-depreciation CJE 4: Increase in tax arising from correction of over-depreciation Dr Tax expense (S) 1,000 Cr Deferred tax asset (group’s BS) Tan & Lee Chapter 4 © 2009

40 Illustration 3: Downstream Transfer of Fixed Assets
When the equipment is fully depreciated: CJE 5: Reinstate to original cost, accumulated depreciation and reverse profit Dr Equipment (S) 40,000 Opening RE (P) Cr Accumulated depreciation (S) 80,000 CJE 6 : Correction of past excess depreciation Dr Accumulated depreciation (S) 40,000 Cr Opening RE (S) Tan & Lee Chapter 4 © 2009

41 Illustration 3: Downstream Transfer of Fixed Assets
CJE 7: Tax effects on unrealized profit on sale of fixed assets Dr Deferred tax asset 8,000 Cr Opening RE (P) CJE 8: Tax effects on unrealized profit on sale of fixed assets Dr Opening RE (S) 8,000 Cr Deferred tax asset Tan & Lee Chapter 4 © 2009

42 Illustration 4: Upstream Transfer of Fixed Assets
Assume illustration 3, except that S transfers to P 1 Jan 20X2 S sold equipment to P for $360,000 The original cost of equipment was $400,000 The remaining useful life is 8 years from date of transfer Net profit after tax of S for YE 31 Dec 20X2 : 500,000 YE 31 Dec 20X3 : 800,000 Assume a tax rate of 20% Profit on sale Acc Dep. = $80,000 40,000 Original cost $400,000 Transfer price $360,000 Net book value = $320,000 Before Transfer After Transfer Tan & Lee Chapter 4 © 2009

43 Illustration 4: Upstream Transfer of Fixed Assets
31 Dec 20X2 CJE 1: Adjustment of unrealized profit Dr Equipment (S) 40,000 Profit on Sale (P) Cr Accumulated depreciation (S) 80,000 CJE 2: Reverse of tax on profit on sale Dr Deferred tax asset (group’s BS) 8,000 Cr Tax expense (S) Tan & Lee Chapter 4 © 2009

44 Illustration 4: Upstream Transfer of Fixed Assets
CJE 3: Correct the over-depreciation on unrealized profit included in equipment Dr Accumulated depreciation (P) 5,000 Cr Depreciation (P) Old depreciation 40,000 New depreciation 45,000 Over-depreciation CJE 4: Increase in tax arising from correction of over-depreciation Dr Tax expense (P) 1,000 Cr Deferred tax asset (group’s BS) Tan & Lee Chapter 4 © 2009

45 Illustration 4: Upstream Transfer of Fixed Assets
CJE 5: Allocation of current year profit Dr Income to NCI 47,200 Cr NCI Net profit after tax of S 500,000 Less: Unrealized profit on sale (after-tax) (32,000) Add: Over-depreciation (after-tax) 4,000 Adjusted net profit 472,000 NCI’s share (10%) * Note: Upstream sale of FA will affect NCI’s share of profit as unrealized profit resides in S Tan & Lee Chapter 4 © 2009

46 Illustration 4: Upstream Transfer of Fixed Assets
31 Dec 20X3 CJE 1: Adjustment of unrealized profit in prior year Dr Equipment (P) 40,000 Opening RE (S) 36,000 NCI 4,000 Cr Accumulated depreciation (P) 80,000 CJE 2: Reversal of tax on profit on sale in prior year Dr Deferred tax asset (group’s BS) 8,000 Cr Opening RE (S) 7,200 NCI 800 Tan & Lee Chapter 4 © 2009

47 Illustration 4: Upstream Transfer of Fixed Assets
CJE 3: Correct the over-depreciation for prior and current year Dr Accumulated depreciation (P) 10,000 Cr Depreciation (P) 5,000 Opening RE (P) 4,500 NCI 500 CJE 4: Increase in tax arising from correction of over-depreciation in prior and current year Dr Tax expense (P) 1,000 Cr Opening RE (P) 900 NCI 100 Deferred tax asset (group’s BS) 2,000 Tan & Lee Chapter 4 © 2009

48 Illustration 4: Upstream Transfer of Fixed Assets
CJE 5: Allocation of current year profit to NCI Dr Income to NCI 80,400 Cr NCI Net profit after tax of S 800,000 Add: Over-depreciation (after-tax) 4,000 Adjusted net profit 804,000 NCI’s share (10%) Tan & Lee Chapter 4 © 2009

49 Content Elimination of intragroup transactions and balances
Elimination of realized intragroup transactions Elimination of intragroup balances Adjustment of unrealized profit or loss arising from intercompany transfers Impact on non-controlling interests arising from adjustments of unrealized profit or loss Special considerations for intercompany transfers of fixed assets Special accounting considerations when intragroup transfers are made at a loss Special accounting considerations when intragroup transfers are made at a loss Tan & Lee Chapter 4 © 2009

50 Transfers of Assets at a Loss
Need to reassess whether the loss is indicative of impairment loss If it is indicative of impairment loss: Unrealized loss is not adjusted out of the carrying amount of asset Only reverse the sales and cost of sale (to the extent of the sales) for inventory Only reverse the excess over cost and accumulated depreciation (to the extent of the sales) for FA If it is not indicative of impairment loss: Same treatment as with unrealized profit Unrealized loss is adjusted out of the carrying amount of asset Realized only when the inventory is sold to 3rd party or under/over- depreciation of FA is corrected Tan & Lee Chapter 4 © 2009

51 Illustration 5: Unrealized Loss Arising From Intragroup Transfers
Parent transferred inventory to subsidiary during the year ended 31 Dec 20X6 The loss on transfer indicated an impairment loss on the inventory What is the consolidation journal entry? Transfer price $60,000 Original Cost $80,000 Gross loss ($20,000) Dr Sales 60,000 Cr Cost of Sales Eliminate the transfer of Inventory – no adjustment is made to remove the unrealized loss Tan & Lee Chapter 4 © 2009

52 Illustration 5: Unrealized Loss Arising From Intragroup Transfers
Parent transferred fixed asset to subsidiary during the year ended 31 Dec 20X6 Transfer price $120,000 Original Cost $200,000 Acc. Dep ($ 50,000) NBV $150,000 Loss on transfer $ (30,000) The loss on transfer indicated an impairment loss on the fixed asset What is the consolidation journal entry? Dr Fixed assets 80,000 Cr Accumulated depreciation Eliminate the transfer of fixed asset – loss of $30,000 is not eliminated Subsequent depreciation will take into account any revision in useful life of the impairment in value Tan & Lee Chapter 4 © 2009

53 Conclusions Only transactions with 3rd parties should be shown in consolidated financial statements Intra-group transactions and balances must be eliminated after reconciliation of balances Unrealized profit or loss in inventory or fixed assets must be adjusted Upstream transfers will impact NCI Tax effects on profit adjustments must be made Special considerations for transfers at a loss


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