What is transferred basis, Auditing

Q. What is Transferred Basis?

Transferred Basis - A transferred basis is the foundation of property in the hands of a transferor, donor or GRANTOR. In this sense a prior owner's basis in property is transferred to the taxpayer. Transferred basis takes place in the following transactions: GIFTS, transfers in trusts,certain transfers to controlled CORPORATIONS, contributions to PARTNERSHIPS and LIQUIDATING distributions from a corporation.

Posted Date: 8/19/2013 2:35:49 AM | Location : United States







Related Discussions:- What is transferred basis, Assignment Help, Ask Question on What is transferred basis, Get Answer, Expert's Help, What is transferred basis Discussions

Write discussion on What is transferred basis
Your posts are moderated
Related Questions

What document usually forms the basis of the audit team briefing?

methods of determining break even point

Going Concern Considerations - Audit Process IAS 1 Presentation of Financial Statements knows the going related assumption as one of the fundamental assumptions that underlie

Subsequent Events - Audit Process IAS 10 Events after the Balance Sheet Date prescribes the accounting for, and disclosure of, events than the balance sheet date. Events th

Audit Approach The auditor: 1) Must get the cooperation of the client, as simply the client can authorise third parties that communicate along with the auditor. 2) Choos

How would you value the Goodwill

Problem 1: You have been asked to design a system of controls so as to prevent unauthorized payments being made from the bank account. You are required to identify the controls


Types of audits So far we have tended to think in terms of the audit of limited companies, and indeed, the emphasis throughout this text will be on such companies incorporated