Tax Basis
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Tax Basis Hi club cafe, Can anyone explain what the Tax Basis means on the member status report: (example a member total paid in is $7,375.00 and the tax basis shows $12,618.64) what does this mean? Thanks a bunch, Mary Tax Basis - A members tax basis in the club as of the
report date. The tax basis is the sum of member's contributions, minus
any partial withdrawals, plus any earnings allocated in prior years, and
minus any deductions allocated in prior years. This value does not
include taxable items realized by the club YTD that have not yet been
allocated. At 04:17 PM 2/16/2011, you wrote: Hi club cafe,Cherilyn J. Peay Hi Mary,
Tax basis is the net total of the amounts a member has paid in and
withdrawn, plus the items of income/expense that have been allocated to him/her
over the years. The member will have taxable income/loss on leaving the club
equal to the amount received less his/her tax basis.
That's the explanation, but your figures made me look at your account. I am
99.999999% sure that there were errors made in posting the beginning balances
for the members on hand at the switchover date. The earnings figures seem to
include the amounts paid in, and, thus, are overstated. To correct, you would
have to edit those entries. If you want help with this, you should email support@bivio.com.
Rip West
bivio.com Her tax basis is the amount of money she's paid in plus her share of any income, gains, losses, and expenses during her membership period. If she were to withdraw today, the difference between what she receives and her tax basis is her capital gain/loss.
Ira Smilovitz Join me at InvestEd 2011 In a message dated 02/16/11 18:17:48 Eastern Standard Time, randymary@bivio.com writes:
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