What is transferred basis, Auditing

Assignment Help:

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.

Related Discussions:- What is transferred basis

Sufficiency - sources of evidence, Sufficiency - Sources of evidence T...

Sufficiency - Sources of evidence The audit evidence should in total enable the auditor to form an opinion on the financial statements. Sufficiency is a measure of evidence o

Internal controls, under what circumstances are internal controls inappropr...

under what circumstances are internal controls inappropriate for auditors to check?

Process of conducting an audit, Question : Describe the methodology and...

Question : Describe the methodology and process of conducting an audit. Define audit Describe the methodology of conducting an audit Describe the process of conduc

Preferred stock valuation, Preferred stock valuation 1. Features of pre...

Preferred stock valuation 1. Features of preferred stock (You may review what you've learned about preferred stock from TCA 221): a. Multiple classes in terms of convertibil

Materiality, how to calculate materiality given the acoountin period inform...

how to calculate materiality given the acoountin period information

Valuation - detailed audit of stock, Valuation - Detailed Audit of Stock ...

Valuation - Detailed Audit of Stock IAS 2 prescribes such stock be priced at the lower of price and net realizable price, It is up to the auditor to ensure that net realizable

Accounting principles and policies, Accounting Principles and Policies ...

Accounting Principles and Policies The user of the accounts expects that the accounting principles and policies used will be in conformity with IAS, be generally accepted, be

Communication with expert, Communication with Expert Whether the audit...

Communication with Expert Whether the auditor intends to utilize the work of an expert then he must communicate along with the expert well in advance to confirm the terms of e

Amounts derived from financial statements, Amounts Derived From Financial S...

Amounts Derived From Financial Statements Please note here the auditor is interested in preceding year's evidence since 1. The Companies Act states such corresponding amounts

Auditing and EDP environment, what is edp auditing?

what is edp auditing?

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages