Tax Depreciation Basis

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5 Terms

1
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Tax Basis for Depreciation converted from personal to buizness is

lessor of:

  • Adjusted basis

  • FMV

2
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Tax Basis for Gain is

  1. first find if G/L =cost-deprecation-SP

  2. AB

3
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Tax Basis for Loss is

  1. first find if G/L =cost-deprecation-SP

  2. Lesser of (-depreciation)

    1. AB

    2. FMV

4
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Buizness organizational Costs

allowed: legal fees, accounting fees, filing fees and costs of org meetings

Not allowed: adding equity

5
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Buizness start up costs

Allowed: Investigating markets, marketing, costs to get suppliers, woker hiring and training costs,

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