[Wanna_B_TXCPA2014]

Have I missed anything major or minor?

Corporations

Shareholder
Adjs basis of transferred prop
+ gain recognized
-boot received

Corporation
Transferor’s adj basis
+gain recognized to transferor

S-Corps

Shareholder basis
+Increased for all income items
-decreased for distributions that are excluded from gross income
-decreased for non-deductible, non-capital items
-decreased for deductible expenses and loses

Partnerships

Partner

Beginning capital account
*Cash
*FMV Services
*NBV asset-liability

plus % of All income
*ordinary
*capital
*tax free

(less) % of all losses
*may take partnership loss as a tax deduction up to basis

(less withdrawals)
*Non taxable
*reduce by adjs basis of property; can not go past $0.00

+% of recourse liabilities

Year End Basis

Partnership Basis
*NBV or Debt assumed if greater
Adjs basis of asset sold
Purchased property basis= cost
+capital improvements
-accumulated depreciation

Gift property basis
Donor’s rollover basis
Exception: lower FMV at date of gift
Sell higher- gain from donor basis
Sell lower- FMV loss
Sell between- No gain or loss

Inherited property basis
Date of death FMV= basis
Alternative Valuation date
*Distribution date
*6 months after death or distribution
Property automatically considered long term

Like Kind Exchange when boot received
Adjs basis of the property given up
+gain recognized
-boot received
+boot paid

[gigabyte2001]

dont skip simple things like return due dates – including different year ends.
Realized vs. Recognized gain – these are OFTEN different numbers so it's easy to be tricked. Be sure of which the question is asking for.
Limitations on losses allowed (for example Passive Activity losses are limited)
Don't forget Estates & Trusts – small portion of returns but important. Estates valuation dates – Date of Death vs. the Alternate Valuation Date
Gift & Inherited property basis
What happens if property gifted or sold to a related party is later sold to an unrelated 3rd party.
Itemized expense limits – 10% floor for Medical unless over 65 then 7.5% floor, Business expenses unreimbursed vs reimbursed, accountable vs. nonaccountable plans.
How to handle certain expenses that are treated one way if personal and differently if business or income producing (ie: Rental property deductions vs. itemized deductions.)

B - 11/11/16
A - 4/16/16 87!!
R - 2/17/17
F - 7/26/16 - Waiting for 8/23

[Author]

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