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General Accounting Discussions: Income from one company to equity in earnings to another

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    • CommentAuthorgidet
    • CommentTimeMay 21st 2008
     
    The owner has two companies - at the end of the year the income or loss from company 2 is carried over to company 1 as equity in earnings - should this go straight to retained earnings and what is the tax ramifications to the owner? I thought that the equity or value of company 2 is always there and an asset not to be taxed twice and if there is tax it is only the difference if there is an increase in income

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