My CPA Woes
A place to be reminded of the stress that the CPA exam brings with the goal to conquer it!
Thursday, July 30, 2015
Gift Property Basis
General Rule: Use Rollover (original cost) Basis
Dependent on the Selling Price (SP) value:
SP > RO: basis is RO ("gain" basis)
SP < FV: basis is FV ("loss" basis)
RO < SP < FV: NO BASIS - NO G/L RECOGNIZED ("middle selling price")
RO: $4K
FV: $3K
SP: $3.5K --> NO G/L RECOGNIZED
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