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Brookfield Infrastructure Partners L.P. Message Board

  • joycerichesonloving joycerichesonloving Mar 21, 2013 10:18 PM Flag

    Basis adjustment

    Sold BIP. Sales schedule shows under (5) Cum Adjto Basis as a negitive number. If I understand correctly from your prior prior post, the amount shown is ar reduction in my bsis and thus produces an increased capital gain. IF so how is this reported? - On the Capital Gain/Loss work sheet.- Awxtion VII.2.d.

    Help, OldDoublegun

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    • There are two important numbers: adjustment to basis and ordinary gain.
      Yes, the adjustment to basis, if negative, reduces your basis and so results in a larger capital gain.
      But the ordinary gain amount goes to for 4797 sale of business property and that too results in an adjustment to your basis (so that you don't get taxed on it twice).
      There is also an AMT adjustment in case you are liable for AMT.
      If you use Turbotax and enter the basis adjustment as well as the ordinary gain when the interview prompts you, it does populare form 4797 as well as schedule D correctly.

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