What GIFI code do you record the mark to market unrealized losses/revenue under? Caseware gives 9980. It does not migrate into S1. As far as I know, the unrealized losses/gains are not considered as part of the taxable income.

Is there any particular schedule I need to fill in? Do I just add/subtract the revenue as other additions/deductions on Shedule 1? With ASPE we will have lots of unrealized mark to market revenues/losses.

Answer

For unrealized gains and losses, you need to enter this info in the field (Unrealized gains/ losses) GIFI code 9980 in the Summary section near the bottom on schedule S125 in ProFile.

The amount will not be adjusted on S1. Unrealized gain is not considered as taxable income.

Hope the above helps.
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