Chapter 11: Property Dispositions

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This is my mind map for BUS 419 chapter 11.
Lucille Lamberson
Mindmap von Lucille Lamberson, aktualisiert more than 1 year ago
Lucille Lamberson
Erstellt von Lucille Lamberson vor etwa 2 Jahre
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Zusammenfassung der Ressource

Chapter 11: Property Dispositions
  1. Adjusted basis
    1. Initial basis - cost recovery allowed (or allowable)
    2. Gain or (loss) realized
      1. Amount realized - adjusted basis
      2. Recognized gains or losses
        1. Gains or losses that increase or decrease taxpayers' gross income
        2. Section 1231 Assets
          1. Depreciable assets and land used in a trade or business held by taxpayers for more than one year
          2. Tax-deferred transactions
            1. A transaction where at least a portion of the realized gain or loss is not currently recognized
              1. Examples: like-kind exchanges, involuntary conversions, installment sales, and other business-related transactions
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