Statement closing date definition

statement closing date definition

‡ some expenses not otherwise deductible may become deductible if the sale/purchase is part of a move that is deductible. Note: the 1993 tax law changes end this exception after 12/31/93.

* refunds of amounts deducted in a prior year must be included in income in the year the refund is received, subject to "tax benefit rule" limitations

"Itemized Deduction" means that the amount may be deducted on Schedule A of Form 1040 as an itemized deduction if the taxpayer otherwise qualifies to itemize deductions.

"Deduct - Business Exp." means that the amount will generally be considered an ordinary and necessary business expense if the real estate was used in a business or rental activity. If the real estate is held for investment only, this does not apply

"Basis9quot; means that the amount is part of or added to basis and used to reduce gain or increase loss upon sale.

"Expense of sale" means that the amount is part of expenses of sale and serves to reduce the gain or increase the loss upon sale.

"Amortize over mtg life" means that a ratable portion of the amount is deducted each year over the life of the mortgage. Any remaining amounts are deducted in full when the mortgage is fully paid.

"non-deductible9quot; means that this item does not affect taxes at all.

Special rule for your personal residence

  • For sales before May 7, 1997, the sale of a principal residence with replacement within 24 months either side of the sale date results in the potential for non-recognition of gain and carryover of basis into the new residence. Sale of a principal residence and certain former residences by taxpayers over age 55 (on the date of sale) may provide for the exclusion of up to $125,000 of gain, in addition to the non-recognition provisions above. A loss on the sale of your personal residence is not deductible.
  • Both of the above are repealed for sales on and after that date, and up to $250,000 of gain is excluded from income (up to $500,000 on a joint return) for the sale of a principal residence. This new exclusion is available regardless of age and may generally be claimed once every two years. The home must have been used as your principal residence for an aggregate of two years during the previous five year period.

We recommend that documents which reflect cost basis, additions to basis (items on the reverse plus property improvements) as well as documents relating to the selling price and selling costs of property be kept forever, but in no case less than six years following the final sale and disposition of the property to which they relate.

For an in-depth individual consultation contact:

Young, Heck & Zimbler, LLC

G-3339 Van Slyke Road

Flint, MI 48507-0909

The above chart and discussion are summaries of complex aspects of tax law. Tax laws change. Your individual circumstances may result in a tax treatment which differs from the above summary. Contact your tax advisor before entering into a property transaction to ensure that the structure of the transaction provides the expected tax benefits. These summaries do not consider any individual or special circumstances. While the information is believed to be accurate at the time of publication, Young, Heck & Zimbler, LLC, its officers or employees make no guarantee or warranty, express or implied as to the accuracy of the information presented and accept no responsibility for errors or omissions in the above nor for any damages, direct or consequential arising from reliance on the information contained herein.


Steps in Understandings the Income Statement Sheet

In order to best understand how to read and understand an Income Statement Sheet, it’s important to understand the order of which information is displayed.

  1. Date: At the top of the Income Statement is the date that the statement was created and reflects all data up to that point. The Income Statement will read “For the period ending xxx”
  2. Net Sales: represents the total amount of income received from customers paying for the company’s goods and services.
  3. Cost of Sales (also known as Cost of Goods Sold): is the amount of money the company has spent in the production of its goods. Raw materials, labor, manufacturing overhead are included in this figure.
  4. Gross Profit or Margin: represents the profit a company has earned only after taking into account the Cost of Sales (#3)
  5. Operating Expenses: This figure represents the amount spent on operational expenses, and is normally broken down in to two figures: (i) Research and development (ii) Selling, general and administrative.
  6. Operating Income: This figure represents earnings from normal operations without taking in to consideration taxes and special one time occurring items (e.g.: settlement of a court case.)
  7. Interest Expense: This figure reflects the cost of borrowing money.
  8. Pre-tax Income: This figure represents total earnings not including taxes. This may also be labeled Income before provisions for income taxes.
  9. Income Taxes: The income tax amount is an estimate as taxes are normally paid once a year, while Income Statements are released four times a year. This figure best represents what taxes the company expects to pay and may also appear on an income statement as Provision for income taxes.
  10. Special or Extraordinary Expenses: This figure represents “special” expenses, which do not normally occur on a continued basis. For example, the purchase of a new warehouse is not a regular occurrence.
  11. Net Income: This figure represents the residual income after adding total revenues and subtracting this figure with all expenses.

When you get a stock quote on the HowTheMarketWorks site, you can also view the company’s financial statement. Below is Apple’s Income Statement as of September 2015 (NOTE: In the upper right corner it says all numbers are in MILLIONS):

Note how the Income Statement flows in the same order as listed above.

Since Apple has no debt Interest Expense, (#7) is not included.

Apple had no Extraordinary Expenses (#10) so this is also not included.

Finding A Company’s Balance Sheet On HowTheMarketWorks

You can find the balance sheet of every company trading on a major US, Canadian, or even many international exchanges on HowTheMarketWorks.

From here, look up any company’s ticker symbol that you are interested in, and click the tab for “Financials”:

Statement closing date definition

From here, you can use the drop-down menu to switch between their most recent income statement, cash flow summary, or balance sheet.

Statement closing date definition

Investors pay close attention to an Income Statement because it is an accurate snapshot of a company’s performance over a specific time period.

Lenders also evaluate the suitability of a loan based on the Income Statement.

The Income Statement is a direct result of all financial information incurred during the time period and is transformed into easy to understand figures.

Comparing Income Statements to those in the past periods is a great indication of the direction a company is heading in.

Investors pay close attention to the “bottom line” Net Income and expect this figure to increase on a consistent basis over time. The “bottom line” figure is often the first set of data an investor looks at before determining its suitability for investment.

An increasing Net Income over time can be indicative that the company is heading in the right direction, while a decreasing Net Income can reveal the opposite.

For more financial statements, read our article on balance sheets


Customer account statement report (CustAccountStatementExt) [AX 2012]

Applies To: Microsoft Dynamics AX 2012 R3, Microsoft Dynamics AX 2012 R2, Microsoft Dynamics AX 2012 Feature Pack, Microsoft Dynamics AX 2012

The Customer account statement report displays external customer account statements that you can send to your customers.

The currency and language for the customer are used on the external account statement. This differs from the internal customer account statement, which always displays amounts in the accounting currency for the legal entity. If the account statement includes transactions for more than one currency, the opening balance and the closing balance are displayed in each currency.

To improve performance when you run statements for many customers at the same time, use one or more of the following options:

Use batch processing. By moving the processing to a server, report performance can improve.

Use parallel processing. By dividing this process into multiple tasks, report performance can improve. Because multiple tasks are running at the same time, the reports might be printed in a different order than the order that was specified.

Apply range restrictions to limit the number of records in each batch. Performance can be improved by submitting multiple smaller batches to be processed at the same time on different servers, instead of submitting one large batch.

You can select the Only open check box to include only open transactions, instead of all transactions, for each customer.

You can select the Balance other than zero check box to avoid printing statements for customers who have a balance of 0.00.

If your organization uses centralized statements, which means sending customer statements from one legal entity on behalf of other legal entities in your organization, make sure that you are using the legal entity of the statement before you print statements. Information about a customer's account activity in other legal entities is included on the statement, if the legal entities use the same party ID for that customer account. The transactions for each legal entity will be grouped together on the statement.

The statement address that is specified for the customer account is included on the statement. If a statement address is not specified, the primary address for the customer account is used.

When you generate this report, the following default parameters are displayed. You can use these parameters to filter the data that will be displayed on the report. For more information, see Filter the data on a report .



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