Skip to main content

Overview of Basis for Federal Income Tax

Your Course Price: N/A
CPE Credits
Advanced Preparation
Course Level
Basic to Intermediate
Knowledge of Federal Law
Paul La Monaca CPA, MST
Course Description

This course provides a broad overview of the importance of understanding the basics needed in order to understand the fundamental purpose of basis when preparing income tax returns and advising clients.

  • The course starts with understanding that basis impacts every tax entity whether an individual or business.

  • The course provides an overview that the amount of investment and reinvestment is the key to calculating the correct basis.

  • The overview of losses and loss limitations are stressed.

  • The course is a starting point for advancing to NSTP’s course on “Basis Issues for Investing in Real Estate” and subsequent course “Basis Issues for Investing in Partnerships and Subchapter S-Corporations”.

Learning Objectives

At the end of the session participants will have attained a solid overview of better understanding how basis is acquired, how to determine the amount of basis at the end of the tax year and the importance of basis limitations and carryforward of losses resulting from loss limitations.

  • The participant will be better equipped in discussing basis issues with their clients.

IRS: Federal Tax Law Topics 1

CTEC: Tax Law 1 CPE

NASBA: Taxes 1 CPE


To receive the member price, first log into your member account. Your member discount will then be automatically applied. We can also take your registration by phone.

Your registration confirmation will be emailed to you when your payment is processed. During our busy season, this can take up to 2-3 business days after we receive your registration.

Check your SPAM folder for the email. To prevent SPAM filters from blocking our emails please add to your address book or safe senders list. For more information, click How to Whitelist an Email Address or Email Whitelist Instructions.

Yes. If you have a PTIN on file with us, we will submit your hours. To insure we have your correct info, please provide your PTIN when you register for a course. Please notify us if you have recently submitted a name change request to the IRS.

Your certificate will be emailed to you within 10 business days of the completion of the course.

  • Once your registration confirmation is emailed, due to the proprietary materials and content of orders are NOT ELIGIBLE for refund, cancellation, or transfer to another NSTP course.
  • materials and presentations are intended to stimulate thought and discussion and to provide attendees useful ideas and guidance in the areas of federal taxation and administration. These materials as well as the comments of the instructors do not constitute and should not be treated as tax advice regarding the use of any tax procedure, tax planning technique, device or suggestion, or any of the tax consequences associated with them.
  • Although the NSTP has made every effort to ensure the accuracy of the materials and the seminar presentation, neither the author, the presenter nor the National Society of Tax Professionals assumes any responsibility for any individual’s reliance on the written or oral information presented during the presentation. Each attendee should verify independently all statements made in the materials, and during the seminar presentation, before applying them to a particular fact pattern and should determine independently the tax and other consequences of using any device, technique, or suggestion before recommending the same to a client or implementing the same on behalf of a client, or on the attendee’s own behalf.
  • materials & presentations are fully protected under copyright law. Any attempt to copy for resale, distribution, or use other than personal use for tax preparation will be fully prosecuted of the law.
Testing Policy
  • require a test for CPE. 3 attempts are allowed.
  • You have 1 (one) year from date of purchase to complete the course by taking the test.
More Information For more information regarding refund, cancellation, and complaint policies, please contact our offices at 1(800) 367-8130.