ErickM

Time is up and I am moving to the great north. I would like suggestions/recommendations regarding this life time event.

I was wondering if any of you already took REG during Jan or Feb. How was it? Any ideas of where to focus? Thanks!@

I have a long question… If I have property subject to a liability that I contribute to a corporation, the tax basis for the shareholder would be the NBV of the asset less 100% of the liability plus any boot received and less any gain recognized. On the other hand, the tax basis for the corporation would be the higher between the NBV or the liability. When we are dealing with partnerships, the situation changes a bit. The tax basis for the shareholder would be NBV less the part of the liabilty assumed by the other partners. My question is what about the basis for the partnertship? the basis should be only the NBV?