[GNC] Advanced Portfolio Report - Brokerage Fees

[Michael or Penny Novack]

>> No, it not YET a "tax expense" but an asset. Maybe confused because both
> debit?
>
> In my country it is a tax expense at the moment you sell shares of a
> mutual fund. You cannot compensate for it when filing your tax report
> even if you lose money in the future. It is gone. Government calls it
> "exclusive taxation".

Yes debit --- expenses are debits << accounts of type income and expense 
are temporary accounts of fundamental type equity. The "sense" of equity 
is credit (the more credit, the more equity) so a debit to equity 
DECREASES the amount of equity.

OK, if in your jurisdiction capital gains are taxed regardless of 
capital losses in the same time period would immediately be an expense. 
I was thinking of my jurisdiction where the NET capital gains for the 
year end up being taxed. Yes, we do have taxes on gains, distributions, 
etc. withheld at the time of the gain, distribution, etc. but that 
should be thought of as "conditional" expense, for the mean time being 
held by the government.

Just curious though. If your jurisdiction taxes gains but not offset by 
losses, is that just for stocks/mutual funds or for all asset classes?

Michael D Novack