37579291
Description
Mind Map by Lucille Lamberson, updated more than 1 year ago
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Created by Lucille Lamberson
over 2 years ago
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Chapter 11: Property Dispositions
- Adjusted basis
- Initial basis - cost recovery allowed (or allowable)
- Initial basis - cost recovery allowed (or allowable)
- Gain or (loss) realized
- Amount realized - adjusted basis
- Amount realized - adjusted basis
- Recognized gains or losses
- Gains or losses that increase or decrease taxpayers' gross income
- Gains or losses that increase or decrease taxpayers' gross income
- Section 1231 Assets
- Depreciable assets and land used in a trade or
business held by taxpayers for more than one year
- Depreciable assets and land used in a trade or
business held by taxpayers for more than one year
- Tax-deferred transactions
- A transaction where at least a portion of the
realized gain or loss is not currently recognized
- Examples: like-kind exchanges, involuntary conversions, installment sales, and other business-related transactions
- Examples: like-kind exchanges, involuntary conversions, installment sales, and other business-related transactions
- A transaction where at least a portion of the
realized gain or loss is not currently recognized
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