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Table of Contents.

Description:

If your client bought or sold assets, the basis of those items is critical to the future calculation of capital recovery, gain or loss realization and recognition and depreciation. This comprehensive textbook gives you the information you need to determine an asset’s initial basis and any adjustments to that basis. Assets to be considered are tangible or intangible property, including real and personal property, stocks, bonds and mutual funds, as well as partnership and S corporation interests.

Basics of Basis covers:

• 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.
• Calculating the basis of mutual funds using the allowable methods.
• Applying the timing and ordering of basis adjustments.
• Differentiating between a partner’s outside and inside basis in a partnership.
• Recognizing the difference between a shareholder’s stock basis and debt basis in an S corporation.

Product Details:

Level: Basic level

Author: NATP Staff

Publisher: NATP

Publication Date: 2019

Format: Print

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Corresponding CPE Courses:

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Basics of Basis Self-Study Course