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#1
02-17-2007, 08:58 AM
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 Re: Basis reduction for 1/2 Investment Tax Credit Bill Silbernagel wrote: - quote - > I am writing off an old asset that was capitalized in 1984,
Remaining basis on a 1984 assets? What might that be?> back when the investment credit was calculated, and the > basis reduced by one-half the ITC. I am now writing the > asset off the books. Would it be correct to write off the > one-half basis adjustment against retained earnings and make > it an M-1 item? Or, can I take a loss for the remaining > basis? ChEAr$, Harlan Lunsford, EA n LA (who remembers the old ITC fondly.) << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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02-17-2007, 08:58 AM
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| Re: Basis reduction for 1/2 Investment Tax Credit "Bill Silbernagel" <moinabs[at]bellsouth.net> wrote: - quote - > I am writing off an old asset that was capitalized in 1984,
you cannot take a loss for something you received a inv tax> back when the investment credit was calculated, and the > basis reduced by one-half the ITC. I am now writing the > asset off the books. Would it be correct to write off the > one-half basis adjustment against retained earnings and make > it an M-1 item? Or, can I take a loss for the remaining > basis? credit for ___________________________________ <<< Benjamin Yazersky, CPA [NJ & NY] > > -----> real address on hobokeni or hobokenx <----- << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
02-15-2007, 01:41 AM
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| Basis reduction for 1/2 Investment Tax Credit I am writing off an old asset that was capitalized in 1984, back when the investment credit was calculated, and the basis reduced by one-half the ITC. I am now writing the asset off the books. Would it be correct to write off the one-half basis adjustment against retained earnings and make it an M-1 item? Or, can I take a loss for the remaining basis? << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| 1 or 2, basis, credit, investment, reduction, tax |
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