Description:

This book is for preparing 2023 taxes. Determining the basis in items that are bought and sold is critical for a number of tax calculations. Establishing the basis in an asset provides tax preparers with a value they can use to work out such things as the gain or loss when the item is sold, depreciation and capital recovery. This course provides the tools that will allow you to establish an asset’s initial basis and make adjustments to that basis. The course will also address how basis is calculated for tangible (including real and personal property) or intangible property, stocks, bonds and mutual funds, as well as partnership and S corporation interests.

Topics include:

• Identifying basis based on various means of acquisition including purchase, creation, gift and inheritance
• Identifying payments capitalized as part of basis and those expensed as a current operating expense
• Calculating the basis of stocks and mutual funds
• Applying the timing and ordering of basis adjustments
• Differentiating between the partner’s outside and inside basis in a partnership
• Identifying the differences between an S corporation shareholder’s stock basis and debt basis
  

Product Details:

Item Number: 23305

Level: Basic

Authors: NATP Staff

Published: 2023

Format: Print - 100 pages

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Corresponding CPE Courses:

Get the e-book FREE when you purchase the corresponding 2023 course.