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Normal Is As Normal Does
In virtually any financial investigation of a business, where the ultimate goal is to value that business, it is almost always necessary to make adjustments - generally called "normalization adjustments" (to the reported income/expenses). This is also the case where valuation may not be the goal, but rather instead it is solely the determination of income that is at issue. The ultimate conceptual need - an understanding of the normalized level of income for the business - remains the same.