post-cessation receipts

'post-cessation receipts' can also refer to...


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Amounts accruing from a trading activity that are received after the trade has ceased. For tax purposes the receipts are treated as income in the year of receipt, from which any relevant trade expenses incurred can be deducted. An election can be made to treat post-cessation receipts as income in the year the trade ceased rather than the year of receipt.

Subjects: Accounting.

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