Yo, what's going on everybody? It's Curtis back with another investment video. If you don't know what to do because you're new, please make that like button go blue. Please also hit that subscribe button. I'm still on a mission to get to 1000 subscribers, but I'm not too far. I think I'm about 145 subscribers off, so not too far at all. So if you're new to the channel and you're watching this video in Finland, Vestas is about helping all new and novice investors make sense of the market. I do this in a number of ways, from my own portfolio journey to videos like today where I take apart a specific asset class and try to explain it in the most clear and transparent way I possibly can. The whole purpose of the channel is to remove all the jargon and to make investing as simple as it should be, so you guys can start to make money and benefit from having financial freedom at some stage in the future. So if that sounds good, please hit that subscribe button, please hit the like button, and we shall begin with the video. So today, we're going to be talking about REITs. We're going to be breaking down what REITs are all about, REITs pros and cons, etc, etc. It's been requested from a number of you guys. But before I get into that, I just want to give a quick update of what's been going on recently in the market. I saw some of you guys have seen that your portfolios have taken a slight upturn, which is good. It's positive, which is really, really good. It actually began last week. It seems like there might be light at the end of the tunnel from a trade...
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Section 645 election pros and cons Form: What You Should Know
Form 8855 in combination with a timely filed 1041 does not change the tax basis of the stock, the portion of the basis that was already applied to the stock. (The section 645 election is a separate form). However, the tax basis of the stock may change by including the section 857 election in the Form 1041. For example, suppose you sell shares of Class A common stock to an IRA, a CDP, or to another person prior to the election and the shares are held in two or more accounts, each having a separate tax basis for the shares. If you choose to file Form 8855, even though there is a separate tax basis for the shares, any change in the tax basis is limited to the additional taxable amount for which the election applies, and only to the extent of the separate tax basis. Thus, it would not be possible for the IRS to determine that part of your basis change result from the election. This makes filing Form 8855 a relatively simple procedure. The limitation on changes in tax basis applies only to stock acquired by a partnership and not to assets used in the business of real estate or to property that is depreciated or capitalized. Therefore, if no change in tax basis is required for shares of stock acquired by an individual, the Form 1041 filed must show an appropriate basis for the sale, which will be the share's basis on the date of sale. In the example above, the shares at the time of sale were held in accounts with separate tax bases for each person to whom the stock is sold. When you attach the Form 8855 only to the Form 10th Tax Return, the joint return shows the adjusted basis of the shares. The joint return of an individual and a partner shows the fair market value of the shares, which will be the basis used in computing gain. Although it does not change the basis of the stock, the Form 8855 may affect the gain or loss, as applicable, that is realized by the partnership on the sale, if any, of the stock. The partner's basis for the sale, if any, can be determined only by determining the partner's distributive share of any realized gain. For example, suppose the joint return of the individual and the partner shows a partnership loss (10% x 1,000) that is attributable to a section 707 sale of the individual's partnership stock.
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