Inter Company Write Off's

Inter Company Write Off's

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Assume a group of companies all under common ownership incorporated in a tax-free offshore jurisdiction.

The majority of the group companies have become dormant with only 2 actively trading.

Large inter-company balances have accumulated in all companies and for the the dormant companies are their only assets/liabilities.

It is proposed to write-off all inter-co balances (which are eliminated on consolidation anyway).

Am I correct in thinking that there are no accounting regulations that would prevent such write-offs?

Thank you

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By amy.turner.atrium-uw.com
22nd Aug 2011 13:09

write off

where would you write this off to?

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