- When a taxpayer sells an asset, generally, a gain is recognized to the extent the proceeds from the sale exceed the taxpayer’s basis in the asset. While in some circumstances this is an easy rule to implement, determining the proper basis of the asset sold is often difficult. The ruling in David C. Costello, et ux. v. Commissioner clarified the process.
- Corporations considering spin-offs to form REITs and operating REITs should be familiar with important developments resulting from the recently passed tax extenders legislation.
- Jay Walters and John Gustavson of US Venture talk about the benefits of working with Baker Tilly.
- Listen to Baker Tilly state and local tax professionals discuss state and local tax developments affecting businesses today.
- Certain taxpayers should consider changing their method of accounting if they are in a position to take an accelerated deduction under this new safe harbor.
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