Profit And Loss Statement
Definition of "Profit and loss statement"
Same as term income statement: Also called profit and loss statement. A financial statement depicting a business entity's operating performance and reports the components of net income, including sales of real estate, rental income, operating rental expenses, income from rental operations, and income before tax. The income statement shows the cash flow for an entire accounting period, usually a quarter. The income statement is included in the annual report of the real estate corporation.
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Increase in the value of property arising from holding it. The gain is realized only when the property is sold at which time it is taxable. An example is the increase in the appraised value ...
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