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Do you have a reference?

Mike
MU-2

"Rich Hare" wrote in message
news:3ADDCAB3.9349A279@mediaone.net...
> No, sir, I am not.
> I just completed an Income Tax refresher last fall that went into detail
> on this point. For capital assets used in a business, the cost basis is
> reduced by depreciation ALLOWED or ALLOWABLE. You do not have to claim
> the depreciation, but your cost basis IS reduced by the depreciation
> that would have been allowed.
>
> However, this is not a discussion group about taxes, so I will end my
> contribution to this subject with this posting.
>
> The above is not to be considered legal advice.
>
> Rich
>
> Trip Farmer wrote:
> >
> > In article <3ADCCC48.C97A17E2@mediaone.net>, Rich Hare
says:
> > >
> > >I would suggest you consult a good tax lawyer
> > >(although, if I remember right, that what you were doing when you
> > >decided to consult this group to check the correctness of his advice)
> > >but
> > >in figuring the gain or loss of a capital asset, one figures the cost
> > >basis based upon the purchase price less the DEPRECIATION ALLOWED OR
> > >ALLOWABLE.
> > >That means that your cost basis IS reduced whether you take the
> > >depreciation or not, when you sell.
> > >
> > >Once again, the above is not to be considered legal advice.
> > >
> > >Rich
> >
> > You are wrong, Rich.
> >
> > Trip

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