[Anonymous]

On the second (?) slide for Corporation Taxation Part 1, Corporate Property Basis Calculation. It is discussed that the corporation basis in property contributed is Transferor’s Basis + Gain Recognized by SH. Becker’s textbook mentions that a corporation’s basis is the greater of NBV or liability assumed. The “Blitz” method and the “Becker” method are essentially the same, correct? Because gain recognized by SH could be either:

1 – Boot Received

2 – Liability > Basis

Just want to double check my thoughts and understanding…..

[Anonymous]

Bump for 2nd question………..With updates for 2014 is there still a 7.5% AGI limitation on medical expenses for individuals aged 65 and older? I know it's 10% AGI limitation for everyone else, just wanted to be sure of the “exception”. You know, since IRS has exception for exceptions for exceptions…….

[Author]

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