TAX2331. It's All About the Basis (Part 2)

Review of numerous basis rules relevant in all the ways we deal with property - creation, acquisition, use, and disposition. Coverage will include the basis of residences, rental property, digital assets, mixed-use properties, investments, passthrough entity ownership and business entities. Rules covered include capitalization, deferred exchanges, debt-financing, energy and other tax credits, wash sales, demolitions, inventory tracking, mark-to-market rules, special accounting method rules, gift and similar transfers, and more. Recordkeeping, reporting and book-tax differences will also be addressed. Presented in two parts today.

Learning Objectives:

• Identify the tax rules affecting the basis when property is created, acquired, used and disposed of.
• Explain special tax rules affecting the basis of property as well as recordkeeping and reporting rules.
• Identify advanced basis rules relevant for federal and state tax compliance and planning.