Miller: In Miller, (55) the Tax Court held that a taxpayer had sufficient basis
in his loans to his S corporation, such that he was allowed to deduct his share of S losses.
Deductible casualty losses; payments received for granting an easement: and residential energy and first-time homebuyer credits may result in taxpayers' reducing the tax basis
in their homes.
Since the second quarter of 2004, the SA delinquency rate for subprime ARM products has decreased 8 basis
points to 10.
For example, assume company T has 5 stockholders, with 10 shares each and a tax basis
of $10 per share--for a total tax basis
the debtor's loss carryovers and/or tax basis
of his assets) must be reduced by $1.
For example, take a manager whose basic fee is 50 basis
302-2(c), Example (1), the basis
of the shares redeemed are added to the basis
of the shares A still retains.
However, under section 1001, if the repayment exceeds the creditor's basis
in the loan, the taxpayer must report income.
Consider this scenario: There is a multi-billion dollar stock-for-stock merger, where the outside basis
of the acquired target's stock is $1 billion, and the inside basis
is only $250 million.
P owns marketable securities with a $100,000 basis
and a $1 million fair market value (FMV).
First, CPAs must determine whether a cost segregation study will be beneficial for a replacement property acquired in a section 1031 exchange with the carryover tax basis
Tax practitioners know that if the transfer of property subject to a liability results in gain recognition, there is also a step-up in the basis
of the transferred property.
Newmarket International partnered with Basis
Technology to internationalize its Delphi Sales and Catering software.
S by transferring $20 in exchange for common stock, asset Z, with a $130 basis
and a $100 fair market value (FMV), and preferred stock.
In return shareholders get an increase in their basis
that they can use to deduct additional flow-through losses.