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Wednesday, April 03, 2019 12:04:18 AM
I think you folks are right that there was not a payment of 6.2m, but that it was simply reflected in the 47m purchase price.
Under US GAAP, you don't write up assets in normal circumstances. Book reflects lower of cost or market. I was a bit surprised that more of the original cost was not assigned to the 17 acres.
Assigning more of the purchase cost to the sold portion might help minimize UK gains tax (outside my expertise). US taxes are irrelevant as they have 200m in tax loss carryforwards.
The 10k tells us nothing about the market value of 17 acres. Doubt we'll know more unless it is sold. A sale would be great as they still need cash and do not need UK land.
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