[terpgirl]

I am really struggling with basis in my regulation study. Does anyone have tips for how to conquer my confusion? I can’t keep straight when to use FMV or NBV etc.
Thanks

Aud - 60,70,72,69,80 (2/19/16)

[MommyCPA]

following…

[Namstut]

There is so much to cover on this topic but I would start by summarizing Partnerships vs. Corporations for formation, non-liquidating distributions and liquidating distributions.

Separately list the the rules for partner/partnership, shareholder/corporation. Once you break down and outline each transaction and note the differences between partnerships and corporations you will alleviate the confusion.

If one tried to summarize everything here it would be a huge undertaking. 🙂

AUD 7/6/16 Passed
BEC 9/3/16
FAR TBD
REG TBD

[Mike J]

For nonmonetary exchanges:

Use FMV for what you receive because you wouldn't be privy to the carrying value of the asset received.

Use carrying value for what you give up. That information is more readily available because it was your asset.

[Mike J]

For pass-thru, I recommend going through each module here: https://tax.cchgroup.com/downloads/files/contemporary-tax-practice/Module4/Topic3/B-Corporate-Alternative-Minimum-Tax-Computations.asp

Yes, it isn't current. But you can learn the mechanics. Plus the main thing that changes is the threshold amount(s). Plug and play. The only downside–it's free–is how the solution set for the quizzes formats. You'll see.

[Author]

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