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Under GAAP, what are "below-the-line" items?

Under GAAP, below-the-line items are those items listed on the income statement that are "below" income from continuing operations. Two categories of items are presented below the line:

1. Discontinued Operations - Net income (loss) from business segments that have been or will be disposed of or sold, including any gain (loss) on net assets of that segment in the current period.

2. Extraordinary items - Gains (losses) from events that are both unusual and infrequent in nature.