Early retirement of debt

Hey guys how do you record the gain /loss from early retirement of debt on the income statement? is it an extraordinary gain /loss or not?thanks

Extraordinary item net of tax. “SFAS 4 (1975) broadened the classification of extraordinary items by requiring thats gains or losses on qualifying early retirement of debt” (except those related to sinking fund requirements) be classified as extraordinary."

There was also an inset/case study in the CFAI texts about Fannie Mae recording gains/losses on retirement of debt as operating income. Their argument is that they are in the business of debt and that manipulations of it are operating activities. I don’t recall there being a position by CFAI on the matter, but it was an interesting exception.

makes sense to be like that . is like the example with the dealership that buys cars - considered cash flow from operations vs the usual cash flow from investing