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Section 7.1 - QAS Self-Study

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Basis of Assets

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 LTC EA
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.

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Section 7.1 - QAS Self-Study

(QAS Self-study)

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Course Type

CPE Tax

Term

2016 Tax Law

Registration Status

Registration Open
Ends: Sunday, September 30, 2018 11:59 PM (PDT)

Course Status

Available
Started: Monday, May 15, 2017 12:32 PM (PDT)
Ended: Monday, September 30, 2019 11:59 PM (PDT)

Course Length

3 Hours

Course Fees

Registration$5.00
Tuition$10.00
Course Materials$35.00
Total$50.00

Course Credits

NASBA CPE3 Hours
IRS (Federal Tax Law)3 Hours
Oregon Tax Board3 Hours
Oregon State Board of Accountancy3 Hours
Texas State Board of Public Accountancy3 Hours
New York State Board of Public Accountancy3 Hours
QAS Self-Study3 Hours

Live Lectures Every

Field of Study

Taxes

Program Level

Intermediate

Prerequisite

Basic tax knowledge

Delivery Method

QAS Self-study

Educational Venue

Online Course

IRS Federal Program Number

VRD3D-T-00465-17-S

IRS Approved

IRS Approved Continuing Education Provider

Notice to Members of the National Association of Enrolled Agents: NAEA requires its members to obtain 30 hours of CPE each year. NAEA further requires the CPE be in compliance with IRS guidelines. As an IRS approved sponsor of CPE, our programs meet CPE standards set forth by NAEA.

NASBA

Approved National Registry of CPE Sponsor

NASBA Sponsor #109290

Pacific Northwest Tax School is registered with the National Association of the State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors through its website:  www.nasbaregistry.org

California

California

Pacific Northwest Tax School's courses fulfill continuing education requirements for California CPAs and IRS EAs.

Notice to California CRTPs: We are not currently offering CTEC-approved courses due to recent changes in CTEC's requirements.
Click here for more information..

OR Board of Tax Practitioners

Pacific Northwest Tax School is a licensed vocational school regulated by the Oregon Higher Education Coordinating Commission. Our CPE programs are approved by the Oregon Board of Tax Practitioners.

TX State Board of Public Accountancy

Texas Sponsor #009794

The Texas State Board of Public Accountancy requires CPAs obtain CPE from a Board-approved sponsor. Pacific Northwest Tax School has registered with the Texas State Board of Public Accountancy as a CPE sponsor. This registration does not constitute an endorsement by the Board as to the quality of our CPE programs.

NY State Board of Public Accountancy

Sponsor License #002479

The New York State Board for Public Accountancy requires CPAs obtain CPE from a Board-approved sponsor. Pacific Northwest Tax School has registered with the New York State Board for Public Accountancy as a CPE sponsor.

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