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Video instructions and help with filling out and completing sale of inherited property at a loss
Hello and welcome to the session this is Professor for hat and this session we're going to be looking at basis consideration specifically basis for gift and inherited property this topic is covered in an income tax course the CPA regulation section and the enrolled agent exam now always I would like to remind you my viewers to connect with me on a professional level which is thrilling then and if you don't have a link then I strongly suggest you create a LinkedIn account that's good for your professional image and it's a good way to network with other professionals in your industry if you have a Facebook account I do have a Facebook page you can also connect with me on a personal level you want to make sure you subscribe to my youtube this is where I have all my lectures so you are up to date if you like the lectures please like them put them in playlists share them with others if you know anyone that's interested email them the link so you will help others just like if you think those are helpful for you it's good to spread the wealth my Twitter my Twitter account is is listed on the screen and I do have a website where I listed all my lectures organized by course and chapter now if you are viewing this recording that means you are either a CTA student or an accounting student taken an income tax course in either situation I just wanna let you know about Jaeger CPA review if you like this recording you can view hundreds of hours of video lectures you can work thousands of multiple-choice for detailed solution simulation you can have access to a textbook audio lectures electronic flashcards plus others so if you happen to choose Jaeger if you're a CPA student or an accounting student the supplement or study for your exam use the PMF code you will get 10% off the best valued course you will benefit yourself and benefit this channel so today we're going to be working with basis consideration we saw this topic earlier when we talked about how to compute realized gain or loss we said we take amount realized and subtract from addy adjusted basis and this is how we get either a realized gain or a realised loss okay now we're gonna focus a little bit more about the basis here so what our base is generally speaking the basis is generally the cost of the assets whatever you paid for the asset remember we had addition we subtract the depreciation but generally speaking it's the cost of the asset now sometime the basis could give us some issues such as if we have a lump sum purchase what is a lump sum purchase is when we buy pay a specific dollar amount and we buy several assets this is a lump lump sum purchase okay what do we have today we