The tax code defines basis as the "cost" of property, but in many cases it can be difficult to determine what this means. Of course it means the amount paid when property is purchased for cash, but what if property is acquired in an exchange, a non-recognition transaction, in exchange for services, or received by inheritance? Special basis rules apply in all of these scenarios. Additionally, special rules regarding allocation of basis when only part of a property is sold may surprise taxpayers. Finally, the effects on basis of depreciation and bonus depreciation are significant.
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Who Should AttendTax practitioners at all levels who provide advice and return preparation involving sales of property.
Instructional MethodGroup: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program PrerequisitesBasic understanding of tax basis.