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The Financial Accounting Standards Board on August 3 issued a proposed Accounting Standard Update (ASU) intended to clarify and improve the scope and the accounting guidance for contributions received ...
The IRS has issued regulations updating the due dates and time extensions for filing certain tax returns and information returns to reflect recent laws.
The changes are set out in final and temporary ...
A House panel on June 29 approved a bill calling for an additional $149 million cut to the IRS budget. The proposal would also limit the agency's oversight of conservation easements, tax-exempt organizations, ...
Of course you can. If the company gets a loan or credit card debt you can have a loss in excess of basis. If I buy or inherit the stock then you could easily have a loss with no basis. Mark Nelson Jr, EA ------Original Message------ ...
I understand basis. I think what really happened was that the poster didn't understand basis and the $10K loss couldn't have taken place unless the s/h had contributed to basis enough cash to allow the loss. There was something wrong in her presentation. ...
You can never deduct more than your basis. Your deduction is limited to basis. That's it! You are supposed to be keeping basis worksheets with the individual return so you don't deduct a loss in excess of basis. I could be mistaken, but you ...
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