As discussed in Q 8609, gain or loss is measured by determining whether the amount received in a sale or exchange of property was more or less than the taxpayer’s “basis.” If the amount received is ...

For stock to qualify for the exclusion of taxable gain under Internal Revenue Code Section 1202, the issuing corporation must satisfy the Gross Assets Test, which generally requires that the ...

“Tax basis” is a taxpayer’s after-tax investment in property as adjusted up or down by certain tax significant items. Tax basis serves multiple purposes including (but not limited to) the amount ...

In Part 1 of our discussion on Section 704(c) (Part 1) we described the basic idea of how the inherent built-in tax gain or loss on a piece of property contributed to a partnership is allocated to the ...