Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

the gain or loss on the effective portion of a u.s. parent

Customer Question
company's hedge of a net...
the gain or loss on the effective portion of a u.s. parent company's hedge of a net investment in a foreign entity should be treated as:
1. an adjustment to the retained earnings account in the stockholders' equity section of its balance sheet.
2. Other comprehensive income
3. A translation gain or loss in the computation of net income for the reporting period.
4. An adjustment to a valuation account in the asset section of its balance sheet.
Submitted: 6 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 9 minutes by:
3/12/2011
Tax Professional: RLWEA, Accountant replied 6 years ago
RLWEA
RLWEA, Accountant
Category: Tax
Satisfied Customers: 69
Experience: I am an Enrolled Agent with the IRS for 25+ years. Thank you for allowing me to assist you!
Verified

RLWEA :

Hello, you need to due two things:The first part of the entry would be to the retained earnings, as you referenced in Number 1. The offsetting entry would be to the asset account as you referenced in Number 4.

RLWEA :

This should answer you well though out question, and possible answers. Thank you for allowing me to assist you. If you need additional clarifuication or assistance please let me know.

RLWEA :

Sincerely,

RLWEA :

Robyn L. Wysong, EA

RLWEA
RLWEA, Accountant
Category: Tax
Satisfied Customers: 69
Experience: I am an Enrolled Agent with the IRS for 25+ years. Thank you for allowing me to assist you!
Verified
RLWEA and 87 other Tax Specialists are ready to help you
Ask your own question now
Ask RLWEA Your Own Question
RLWEA
RLWEA
RLWEA, Accountant
Category: Tax
Satisfied Customers: 69
69 Satisfied Customers
Experience: I am an Enrolled Agent with the IRS for 25+ years. Thank you for allowing me to assist you!

RLWEA is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,310 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,695 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
I am a Card holder planning to sell foreign assets (property
Hi....I am a Green Card holder planning to sell foreign assets (property in India)...I am aware that I will have to pay the higher of the 2 tax liabilities (either Indian or American)..I expect my US … read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
723 satisfied customers
I purchased an asset in 2013 and sold like kind asset 2016
I purchased an asset in 2013 and sold like kind asset 2016 can we use the like kind exchange on this purchase sale? the asset we sold was used as collateral for the asset purchased in 2013 … read more
abci168
abci168
Principal
27 satisfied customers
I am receiving some income from a foreign government "social
I am receiving some income from a foreign government "social security-type" benefit program. Where should I report this income in my Tax Return? Should I report it as "Other Foreign Financial Assets"?… read more
abci168
abci168
Principal
27 satisfied customers
I am trying to figure out the net income from the following
Hi. I am trying to figure out the net income from the following part-time jobs in MARYLAND and then the total net income. If possible, will you please send me how you arrived at the figures (the calcu… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Would it be correct to report a foreign cash inheritance as
would it be correct to report a foreign cash inheritance as an initial and final on form 3520? bequest, no trust, will require FBAR now and for some years but the 3520 is mny concern … read more
abci168
abci168
Principal
27 satisfied customers
An S Corporation is selling its assets under an Asset
An S Corporation is selling its assets under an Asset Purchase Agreement. The 2 stockholders materially participate in the operation of the business. The business provides credit card processing softw… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Do I need to pay taxes on income from a foreign company
Do I need to pay taxes on income from a foreign company based in Colombia? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
On a Partnership K-1, foreign income items are reported on
On a Partnership K-1, foreign income items are reported on Line 16, but in addition there is a separate schedule listing foreign currency gain, Subpart F income and qualified fund income under Sec 129… read more
abci168
abci168
Principal
27 satisfied customers
Foreign Income - I have a new taxpayer client. * She is a US
Foreign Income -I have a new taxpayer client. * She is a US citizen. * Was married in Austria and still married to the Austrian. * Marriage is not recognized in the US. * Has rental house in US, no ea… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
If someone who is self -employed makes $100,000 net income
if someone who is self -employed makes $100,000 net income in NYC how much % age approximately goes in taxes ? ( including nys and nyc taxes)… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,217 satisfied customers
ON A 1041 FORM IS THE TAX FIGURED ON ADJUSTED TOTAL INCOME
STEPHANIE, ON A 1041 FORM IS THE TAX FIGURED ON ADJUSTED TOTAL INCOME MINUS THE 4050 EXEMPTION? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
FBAR REPORTING Taxpayer owns foreign corporation (100%) and
FBAR REPORTINGTaxpayer owns foreign corporation (100%) and has signature authority over business accounts. He is sole owner. Does he report those accounts as: 1. Information on Financial Account(s) Wh… read more
taxmanrog
taxmanrog
Master\u0027s Degree
698 satisfied customers
How can i report one asset exchange to two assets in form
how can i report one asset exchange to two assets in form 8824? do I need to fill out two 8824 forms or just one? thanks. HL… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
682 satisfied customers
Can you tell me if my Net Income is $50,000 and I live in
Can you tell me if my Net Income is $50,000 and I live in the state of Illinois what my federal and state taxes would be approximately thank you… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
A 75 year old self employed taxpayer has Net Income Schedule
A 75 year old self employed taxpayer has Net Income Schedule C income of 25,039 for 2016. She makes a deductible SEP contribution for 2016. She would also like to make a Roth-IRA contribution for 2016… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
RE Form 1116 provision for adjustment of foreign qualified
RE Form 1116 provision for adjustment of foreign qualified dividends:I have foreign sourced qualified dividends (QD) from 4 different countries in excess of 30K. Form 1116 requires adjusting the amoun… read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
A PERSON HAS A NET INCOME FROM SELF EMPLOYMENT OF $16,000
A PERSON HAS A NET INCOME FROM SELF EMPLOYMENT OF $16,000 BUT TAXABLE INCOME OF $0, CAN HE STILL CLAIM EIC HE IS MARRIED AND HAS AN 8 YEAR OLD DEPENDENT.… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am a self-employee with negative net income and my wife is
I am a self-employee with negative net income and my wife is receiving w-2 with income around $90,000 annual. Can you tell me what may be more wise to report on the income tax return as joint or non-j… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x