Section 7.1 - QAS Self-Study
Course Content
Your cost basis in property is usually the purchase price; however, a variety of situations can cause the basis of an asset to be different than its purchase price. This course discusses how to determine the basis you have in assets that are acquired by purchase, gift, inheritance and a variety of other methods.
Topics Covered
- Definition of capital vs. non-capital assets
- Gifted & inherited property
- Adjustments to basis including improvements and depreciation
- Basis of stock
- Alternate basis under the AMT
Objectives
By the conclusion of this course, you should be able to:
- Explain the meaning of "basis of property"
- Calculate the basis in property you own
- Calculate the adjusted basis in property you own
- Calculate the cost basis of stock you own
- Distinguish between capital and noncapital assets
- Explain how certain assets may have dual basis due to different treatment under the alternative minimum tax
Meet Your Instructor
April Gutierrez, Enrolled Agent:
Known for her entertaining speaking style and ability to make a complex subject easy to understand, April is frequently invited to speak to business groups and news media on tax-related topics. She has a B.A. in Communication Studies from Murdoch University in Perth, Australia. She obtained her Oregon LTC in 1995.
April resides in Portland, Oregon, with her husband Jess and her two young boys. Her pastimes include gardening, travel, and playtime with her Arabian horse Fancy.
Any Time, Anywhere
openCampus, our online Learning Management System (LMS), offers you the flexibility to study at your own pace while still enjoying many of the benefits of a live classroom.
- Watch lecture video recordings of live instructor-led classes.
- Break to complete classwork and quiz assignments as instructed.
- If you have a question or need help understanding your assignments, use our Q&A forum to post questions and receive answers from your instructor.
- Complete assignments and tests then submit your answers online.
Advance Preparation Required
Our site requires an up-to-date Adobe Flash® Player and use of a high-speed Internet connection. To ensure your learning experience is worthwhile and productive we ask all students to take the time to become familiar with our site before attending class.
Recommended Minimum Requirements
The following requirements are recommended for using this site. Few students have reported success while operating outside of these requirements, therefore these are provided as a guideline for troubleshooting if you are having difficulties viewing or operating in this site.
| Operating System: |
*Your operating system should be fully updated. |
| Browser: |
If you encounter log in or video viewing difficulties, we strongly recommend you install Google Chrome. |
| Connection: |
Broadband (512 Kbps+). Mobile hotspots are NOT supported. |
| Browser Plug-Ins: | The latest of the following:
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| Peripherals: |
Headphones and/or Speakers |
