Determining Tax Basis of Property

2 Hours

Determining the tax basis of property is a fundamental aspect of tax compliance, yet it can become complex when property is acquired through exchanges, non-recognition transactions, services, gifts, or inheritance.  While the tax code defines basis as the “cost” of an asset, special rules apply in various scenarios that taxpayers must navigate.  This course explores how basis is calculated in unique situations, the allocation of basis when only part of a property is sold, and the impact of depreciation and bonus depreciation on tax reporting.  Participants will gain practical insights into applying basis rules effectively across different types of transactions.

Speaker: James F. Tice, EA

Mr. James Tice is a distinguished leader in the firm’s tax practice. He specializes in organizing, preparing, and supervising complex tax planning and compliance for various tax-exempt organizations and small businesses. Mr. Tice frequently lectures on a wide range of topics, including tax, business, and ethics. He has been actively involved with the Pennsylvania Society of Tax & Accounting Professionals since 2005 and has been enrolled to practice before the IRS since 2012.