Determining Basis is the First Step
Register09:00am - 12:00pm MT
10:00am - 01:00pm CT
11:00am - 02:00pm ET
- 08:00 am - 11:00 am Pacific Time
- 09:00 am - 12:00 pm Mountain Time
- 10:00 am - 1:00 pm Central Time
- 11:00 am - 2:00 pm Eastern Time
This course will cover the federal income tax basis for different types of assets. The session will discuss the adjustments to basis, the changes in basis over time, and book and tax reporting. This course will cover the basis limitations for losses passed through by business entities to the individual investor for their income tax return. The course will discuss the acquisition of an asset whether by purchase at cost under §1012, by gift under §1015, by inheritance under §1014, by divorce under §1041 or transfer of an asset into a corporation under §351 or partnership under §721.
This course will review tax planning opportunities available to specified taxpayers under specified situations throughout their lifetimes.
At the completion of this course the Tax Professional will be better equipped to:
- Identity the basis of an asset under an applicable method of acquisition.
- How to account for the basis of different types of assets whether §1245 personal property, §1250 real property or intangible property.
- Determine the appropriate depreciation schedule for the different asset classes determined by the asset’s convention, life, and method of depreciation.
- Calculate the loss limitations for the investing taxpayer on the pass-through of business losses.
