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

Non-attendance at stock takes, Non-Attendance at Stock Takes Whether t...

Non-Attendance at Stock Takes Whether the auditor is unable to attend a stock take, since he has numerous clients along with the same accounting date, or stock is situate at r

Long term contracts - audit process, Long Term Contracts - Audit Process ...

Long Term Contracts - Audit Process The authoritative document with reference to long term contracts is IAS 11: Construction Contracts and IAS 18: Revenue Recognition, and ISA

Private audit, main areas contained in a private audit

main areas contained in a private audit

Pinnacle manufacturing Part 1, I have a auditing case study i need to compl...

I have a auditing case study i need to complete in chapter 8 of Auditing & Assurance service (fifteenth edition) by Alvin A. Arens, Randal J. Elder and Mark S. Beasley. I don''t kn

Relevance, Relevance The auditor obtains evidence either through compli...

Relevance The auditor obtains evidence either through compliance testing of the internal controls or through substantive tests of the information contained in the financial sta

Audit evidence, factors that influence auditors judgement on sufficiency of...

factors that influence auditors judgement on sufficiency of audit evidence

RISKS AND CONTROLS, oversee commission staff to ensure individuals are prop...

oversee commission staff to ensure individuals are properly trained and monitored probable risks, controls and audit tests

Statutory Auditing - Newspaper agencies, Provide the data regarding all abo...

Provide the data regarding all about auditing of Newspaper agencies

Deferred taxation - audit process, Deferred Taxation - Audit Process D...

Deferred Taxation - Audit Process Deferred Taxation results from the fact such the income tax department require different rules for calculating profits from those used throug

What is that new approach for integrated audits, The modern approach allows...

The modern approach allows one audit of an auditable entity with one comprehensive report. One additional advantage is that this approach assists in staff development and retention

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages