Publisher
WiseGuides, Inc.
2796 Greenspire Ln
Akron, Oh 44333
Basis of Assets
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Copyright © 2010 | Field of Study: Taxes Level: Basic Recommended CPE Credit 3 hours Prerequisites: None Advanced Preparation: None Type of Delivery: Self-Study Expiration: Course expires 1 year after purchase Course Update: May, 2010 Accreditation: NASBA, IRS, CTEC, OTPB Guarantee/Complaint Resolution |
Course Outline
Lesson 1 - Basis
Learning Objectives 1
Overview
Cost Basis
Loans With no or Low Interest
Stocks and Bonds
Real Property
Constructing Assets
Lesson 2 - Business Assets
Learning Objectives 2
Uniform Capitalization Rules
Intangible Assets
Group of Assets Acquired
Land and Buildings
Subdivided Lots
Lesson 3 - Adjusted Basis
Learning Objectives 3
Increases to Basis
Deducting vs. Capitalizing
Decreases to Basis
Lesson 4 - Other Basis
Learning Objectives 4
Property for Services
Taxable Exchanges
Involuntary Conversions
Nontaxable Exchanges
Partially Nontaxable Exchange
Sale and Purchase
Partial Business Use
Car used Partly for Business
Transferred Property
Lesson 5 - Property Received as a Gift
Learning Objectives 5
FMV Less Than Donor's Basis
Gift Held as Business Property
FMV Equal/More Than Donor's
Gifts Received Before 1977
Gifts Received After 1976
Lesson 6 - Inherited Property
Learning Objectives 6
Basis in Inherited Property
Community Property
Surviving Tenant
Qualified Joint Interest
Farm or Closely Held Business
Property Changed to Other Use
Basis Overview
Course Objectives
Lesson - 1After completing Lesson 1, you will be able to:
- Identify items included in the basis of property
- Figure the basis of stock when there is a stock split
- Determine the basis of nonbusiness property constructed by the taxpayer
After completing Lesson 2, you will be able to:
- Determine how certain costs are recovered under the uniform capitalization rules
- Determine which demolition/modification costs of buildings must be added to the basis of the land
After completing Lesson 3, you will be able to:
- Identify the adjustments that increase and decrease the basis of property
- Figure the adjusted basis of real property
After completing Lesson 4, you will be able to:
- Figure the basis of property received for services
- Figure the basis of property replaced for condemned property
- Figure the basis when there is a taxable exchange
- Figure the basis when there is a like-kind exchange
After completing Lesson 5, you will be able to:
- Figure the basis of gifts received after 1976 to determine gain or loss
After completing Lesson 6, you will be able to:
- Figure the basis of property of a surviving tenant
- Determine the basis for depreciation for property changed to business use