Income tax basis is important in tax and estate planning. This article examines the concept of income tax basis, how one acquires a basis, how it gets adjusted, etc. The article then examines how the basis is subtracted from the sale price to determine gain or loss. The next article in the series will examine how income tax basis is an important factor in estate planning.
About Allen Leavitt
Allen Leavitt was raised in Las Vegas, Nevada. Allen attended University of Nevada-Las Vegas, where he received a bachelor’s degree in Business Administration and Economics in 2006. Then, wanting to couple his business degree with a law degree, Allen attended William S. Boyd School of Law at UNLV. Allen is licensed to practice in all Nevada Courts.