Discussion:IRC Section 1016(a)(2)(B)

From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.

From TaxAlmanac

(Difference between revisions)
Jump to: navigation, search
Revision as of 17:58, 23 October 2009
Actionbsns (Talk | contribs)
(Harry - are you)
← Previous diff		 Revision as of 19:26, 23 October 2009
KatieJ (Talk | contribs)
(Reduce basis by)
Next diff →
Line 20: Line 20:
{{ForumReplyPost|UserID=Actionbsns|Date=23 October 2009|Text=Harry - are you using the tax code for a little late night reading? or has the PBR gone to your head?}} {{ForumReplyPost|UserID=Actionbsns|Date=23 October 2009|Text=Harry - are you using the tax code for a little late night reading? or has the PBR gone to your head?}}
 +
 +{{ForumReplyPost|UserID=KatieJ|Date=23 October 2009|Text=Reduce basis by the amount of deductions that (A) were allowed under current or prior law AND (B) resulted in a reduction of tax liability under current or prior law, BUT not less than the ALLOWABLE amounts even if not claimed.}}

Revision as of 19:26, 23 October 2009

Discussion Forum Index --> Basic Tax Questions --> IRC Section 1016(a)(2)(B)
Discussion Forum Index --> Tax Questions --> IRC Section 1016(a)(2)(B)

Harry Boscoe (talk|edits) said:

23 October 2009
Can somebody explain what IRC Section 1016(a)(2)(B) means.

Fsteincpa (talk|edits) said:

23 October 2009
Section 1016(a)(2)(B)- resulting (by reason of the deductions so allowed) in a

reduction for any taxable year of the taxpayer's taxes under this subtitle (other than chapter 2, relating to tax on self-employment income), or prior income, war-profits, or excess-profits tax laws,

I don't see what you don't understand.

-)

MWPXYZ (talk|edits) said:

23 October 2009
y

LH2004 (talk|edits) said:

October 23, 2009
Basis must be reduced for prior depreciation, etc. deductions which resulted in actual savings of income tax and were "allowed" but not "allowable?"

Actionbsns (talk|edits) said:

23 October 2009
Harry - are you using the tax code for a little late night reading? or has the PBR gone to your head?

KatieJ (talk|edits) said:

23 October 2009
Reduce basis by the amount of deductions that (A) were allowed under current or prior law AND (B) resulted in a reduction of tax liability under current or prior law, BUT not less than the ALLOWABLE amounts even if not claimed.
Retrieved from "http://www.taxalmanac.org/index.php/Discussion:IRC_Section_1016%28a%29%282%29%28B%29"