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Gain on sale of land is an asset or revenue?

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Answer:

It's a revenue. However, it's not a "Sales revenue", it's a "Other revenue".

First answer by ID3679286708. Last edit by ID3679286708. Question popularity: 1 [recommend question].

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Is sales revenue a liability or asset?
Neither. Sales revenue is a P&L account, not a balance sheet account. When booking an entry to sales you would credit sales and either debit cash or accounts receivable.
How much capital gains do you pay for land sales?
Capital Gains rate for anything (and anyone above a very low income payer) is 15%
Is land an asset?
No
Is asset a revenue?
NO! An Asset is what i can see on your Balance Sheet. A revenue is what I can see on your P&L. No correlation what so-ever
What is the difference between sales and sales revenue?
They literally mean the same thing.