All of the following statements regarding a business segment are true except. A business segment is a part of a company's operations that serves a particular product line. A segment has assets, liabilities, and financial results of operations that can be distinguished from those of other parts of the company. A company's gain or loss from selling or closing down a segment is reported separately. The income tax effects of a discontinued segment are combined with income tax from continuing operations. A segment's income for the period prior to the disposal and the gain or loss resulting from disposing of the segment's assets are reported separately.