Stolen Equipment Recovered

[BHoffman]

Equipment was stolen and then recovered from an SCorp client.  The equipment was originally purchased in 2006 for $50,000 and was fully depreciated.  It was stolen in 2017 and insurance reimbursed for $30,000.  The equipment was then recovered in 2017 and the SCorp client paid the insurance company $20,000 for its return.   I'm confused on how to report this, but believe perhaps it is a casualty loss for the theft, and then a "new" purchase for the recovery.  Any ideas?

[Abby Normal]

Just treat the equipment as if it had never been stolen and show 10k of other income. The net affect will be 10k income regardless of how complicated you make it.

[BHoffman]

So, my initial temptation to just lump the thing together against something like insurance expense wasn't exactly out of line?  

[Abby Normal]

Bottom line is the same!

[Lee B]

The netting of offsetting debits and credits like these is not helpful when you try compare yearly or monthly expenses.

Since my primary function is monthly write up, I stopped netting things years ago.

I would show this in Other Income as "Insurance Reimbursement" or ?