How Should Extraordinary Gains & Losses Be Reported on the Income Statement?

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How Should Extraordinary Gains & Losses Be Reported on the Income Statement?
An extraordinary gain or loss is money you earn or lose as a result of an event or transaction that is both unusual in nature and infrequent in occurrence. When a gain or loss meets both of these criteria, your small business must report the after-tax amount separate from your normal operating revenues and expenses on your income statement. Extraordinary gains and losses are rare, one-time items, such as the discovery of buried treasure on a farm. Reporting these items separately helps financial statement users analyze your performance with and without their effects.