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Taxable bond premium
As I understand it, if taxable bond premium is not amortized, it becomes a capital loss on redemption, whereas the amortized premium offsets ordinary income. If so, amortization allows capital loss to be converted to ordinary loss. Also, my understanding is that the irrevocable election to amortize can only be made on a timely filed return, not an... -
Amortization no longer taken
Hi,
I am working a Partnership return that I have taken over from a previous preparer. The P/S began in 2008 and the $6,618 start up costs were amortized to the limit of $5,000.
In 2009, an additional $108 was taken.
In 2010, a new preparer took over the return and did not amortize any of the remaining start up costs in either...
