Ordinary Gains

An Internal Revenue Code term referring to a type of income that is taxed at regular income tax rates. Traditionally this includes earned income (wages), short term capital gains, rental income, business income and other forms of income where the taxpayer is actively involved.

Basis for Tax Purposes

Basis is a term used in computing gains and losses on the disposition of an asset.  For any business owner or individual taxpayer it is important to understand what the Internal Revenue Service (IRS) is really seeking.  What is your tax basis in an asset?  So in a simple transaction such as purchasing stock, assume …

Basis for Tax PurposesRead More »