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 Business & Occupation Tax Form City of Princeton, WV 2010

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[Music] good morning everyone and welcome to today's class called basis of assets this is a pretty important topic and a topic that often confuses people especially our tax clients but also to all too often tax preparers themselves so we're going to spend lots of time going through all the intricacies of figuring out the basis in assets and we're going to begin on page 2 of the manual with an introduction this is essentially a description of my own summation of the meaning of basis of assets it's not like that IRS definition is just how I tend to think of it basis is the amount of after-tax cost or investment that you have in property for tax purposes basis is used to figure deductions you are allowed to claim for depreciation amortization depletion and casualty losses the basis of property is used to figure your gain or loss on the sale of property and if you sell a capital asset then the sale of that asset is generally reported on form 8949 and on Sche

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