Income/expenditure Transactions
Investment clubs typically generate expenditures over and above normal brokerage charges. For example an investment club may rent a room for club meetings, or use profits/subscriptions to pay for a meal for club members. If a club is using a UVS to track performance, typically non-tax deductible or non-investment related expenses are excluded from the unit value calculations through a process referred to as unit cancellation.
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Famous quotes containing the words income and/or expenditure:
“I know everybody’s income and what everybody earns,
And I carefully compare it with the income-tax returns;”
—Sir William Schwenck Gilbert (1836–1911)
“The bread-winner must toil as in the fruitless effort of a troubled dream while the expenditure of an uneducated wife discounts the income in the lack of understanding to discern the broad possibilities of an intelligent economy.”
—Anna Eugenia Morgan (1845–1909)