Sir! First of all Thank you so much for sharing this valuable knowledge. It will help a lot to the students like me. I am having one question ! As per our text book, when the business property in trade and business completely destroyed we are using the Adjusted basis of the property as Amount of Loss, but in this video even the equipment was completely destroyed you use the lessor of Adjusted basis and Decline in the value of the property as the Amount of loss. I am confused, please advise. Thanks.
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Very specific! Thank Farhat! We had made bad move and invested a Ponzi Scheme. Any guideline about Form 4684 for Ponzi Scheme deductable?
Thank you . This explanation very clear
Glad it was helpful! Thank you and please visit the website for more farhatlectures.com/
Sir! First of all Thank you so much for sharing this valuable knowledge. It will help a lot to the students like me.
I am having one question !
As per our text book, when the business property in trade and business completely destroyed we are using the Adjusted basis of the property as Amount of Loss, but in this video even the equipment was completely destroyed you use the lessor of Adjusted basis and Decline in the value of the property as the Amount of loss.
I am confused, please advise.
Thanks.