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Publication 551 Schema: tipx Leadpct: 100% Pt. size: 8 15:01 - 17-Jan-2023
Contents
(Rev. December 2022)
Cat. No. 15094C Future Developments . . . . . . . . . . . . 1
Department
of the What’s New . . . . . . . . . . . . . . . . . . 1
Treasury Basis of Assets
Internal Reminder . . . . . . . . . . . . . . . . . . . . 1
Revenue
Service Introduction . . . . . . . . . . . . . . . . . . 2
Cost Basis . . . . . . . . . . . . . . . . . . . 2
Stocks and Bonds . . . . . . . . . . . . 2
Real Property . . . . . . . . . . . . . . . 2
Business Assets . . . . . . . . . . . . . 3
Allocating the Basis . . . . . . . . . . . 4
Adjusted Basis . . . . . . . . . . . . . . . . 4
Increases to Basis . . . . . . . . . . . . 5
Decreases to Basis . . . . . . . . . . . 5
Basis Other Than Cost . . . . . . . . . . . 7
Property Received for Services . . . . . 7
Taxable Exchanges . . . . . . . . . . . 7
Nontaxable Exchanges . . . . . . . . . 8
Property Transferred From a
Spouse . . . . . . . . . . . . . . . . 9
Property Received as a Gift . . . . . . . 9
Inherited Property . . . . . . . . . . . 10
Property Changed to Business
or Rental Use . . . . . . . . . . . . 10

How To Get Tax Help . . . . . . . . . . . 11
Glossary . . . . . . . . . . . . . . . . . . . 13
Index . . . . . . . . . . . . . . . . . . . . . 15

Future Developments

For the latest information about developments
related to Pub. 551, such as legislation enacted
after this publication was published, go to
IRS.gov/Pub551.

What’s New

Uniform capitalization rules. For tax years
beginning in 2022, small businesses are not
subject to the uniform capitalization rules if the
average annual gross receipts are $27 million
or less for the 3 preceding tax years and the
business isn't a tax shelter. See Uniform Capi-
talization Rules, later.

Reminder

Photographs of missing children. The Inter-
nal Revenue Service is a proud partner with the
National Center for Missing & Exploited
Children® (NCMEC). Photographs of missing
children selected by the Center may appear in
this publication on pages that would otherwise
Get forms and other information faster and easier at: be blank. You can help bring these children
home by looking at the photographs and calling
• IRS.gov (English) • IRS.gov/Korean (한국어) 1-800-THE-LOST (1-800-843-5678) if you rec-
• IRS.gov/Spanish (Español) • IRS.gov/Russian (Pусский)
• IRS.gov/Chinese (中文) • IRS.gov/Vietnamese (Tiếng Việt) ognize a child.

Jan 17, 2023