What does 'basis' mean in terms of numbers?
I am closing our Partnership and this is the last filing. I need to dispose of the assets. We opened the same business for 2020 but as a sole proprietor.
I don't know what "Share basis" means or what someone else said "Tax basis" means in terms of what to put in the amount sold. Please translate.
I don't want to pay capital gains for what essentially cost us money and should be a deduction. Can we just put in $1 for each asset?
