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The sale of a title plant shall be reported separately as follows:
  1. a
    If an entity sells its title plant and relinquishes all rights to its future use, the reported gain or loss shall be recognized at the amount to which the entity is entitled in accordance with Subtopic 610-20 on the gains and losses from the derecognition of nonfinancial assets net of the adjusted cost of the title plant.
  2. b
    If an entity sells an undivided ownership interest in its title plant (that is, the right to its joint use), the reported gain or loss shall be the amount received net of a pro rata portion of the adjusted cost of the title plant.
  3. c
    If an entity sells a copy of its title plant or the right to use it, the recognized revenue, if in a contract with a customer, shall be accounted for in accordance with Topic 606 on revenue from contracts with customers. If the contract is not with a customer, the gain or loss shall be accounted for in accordance Subtopic 610-20. Ordinarily, no cost shall be allocated to the sale of a copy of or the right to use a title plant unless the value of the title plant decreases below its adjusted cost as a result of the sale (see paragraph 950-350-35-1).
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