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  • Activity 3

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    Onycha Sy
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    NIRC stands for an acronym. Recovery of lost capital is the return of capital, while recovery of lost profits is considered income. Certain capital items are deemed to have infinite value and increase net worth, but are subject to income tax, unlike the recovery of lost capital which simply maintains net worth and is not taxable.

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    NIRC stands for an acronym. Recovery of lost capital is the return of capital, while recovery of lost profits is considered income. Certain capital items are deemed to have infinite value and increase net worth, but are subject to income tax, unlike the recovery of lost capital which simply maintains net worth and is not taxable.

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    © All Rights Reserved
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    4 views1 page

    Activity 3

    Uploaded by

    Onycha Sy
    NIRC stands for an acronym. Recovery of lost capital is the return of capital, while recovery of lost profits is considered income. Certain capital items are deemed to have infinite value and increase net worth, but are subject to income tax, unlike the recovery of lost capital which simply maintains net worth and is not taxable.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    Activity 3

    1. NIRC stands for _____


    2. Recovery of Lost Capital is Return of capital;
    Recovery of Lost Profits is _______
    3. It maintains net worth and it is not taxable.
    4. It increases net worth and it is subject to income
    tax.
    5. Three examples of capital items deemed with
    infinite value.

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