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The gains and losses of a company which are taxed under the corporate intangible regime are the gains and losses calculated for accounting purposes¹ (see also D1.610). The expression 'for accounting purposes' is not defined in the corporate intangible regime, but is defined elsewhere in the legislation as 'for the purposes of accounts drawn up in accordance with generally accepted accounting practice (GAAP)'².

In computing taxable amounts, the legislation uses as its starting point the amounts recognised in determining a company's profit or loss for a period³. This covers an amount recognised in:

1. Ìý

   •ÌýÌýÌýÌý the company's profit and loss account, income statement or statement of comprehensive income for that period

2. Ìý

   •ÌýÌýÌýÌý a company statement of total recognised gains and losses, statement of recognised income and expense, statement of changes in equity, or statement of income and retained earnings for that period, or

3. Ìý

   •ÌýÌýÌýÌý any other statement of items brought into account in calculating the company's profits and losses for that period

It does not, however,