Business Assets, Disposition, Like-Kind, Capitalization

Free IRS Enrolled Agent SEE Part 2 (Businesses) lesson in Business Tax Preparation. 15 min read, ~2,299 words.

Original basis = cost + capitalized acquisition costs (§1012). Adjusted basis = cost + improvements − depreciation allowed or allowable − §179 − bonus − casualty (§1016). Gift basis (§1015): carryover for gain; lesser of carryover or FMV-at-gift for loss; sale price between the two = no gain, no loss...