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Author
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Topic: Tax basis & book basis adjustments
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FNuser053
Member
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posted 05-03-2007 08:21 AM
 
We use FN for the accounting of Charitable Lead Trusts. When setting up the assets for these trusts we have to track the book basis (value of assets on date contributed to the trust) and tax basis (carry over tax basis which is used to compute g/l on sale of the asset). When an asset is sold, the tax basis is used to compute the capital gain or loss for tax purposes. The problem is that the book basis is not reduced so my unrealized gain/loss on the balance sheet is off by the difference between the tax basis and book basis. Is there a way to adjust the book basis at the same time the tax basis is adjusted when an asset is sold?
Thanks!
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