The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/is-that-a-term-of-art-that-is-only-taught-in-11151717.aspx

Subject:  Re: Two Questions about Cost Basis Date:  8/14/1999  7:14 AM
Author:  hghcpa Number:  18168 of 121219

Is that a term of art that is only taught in advance accounting classes? I have studied the subject a little and have never run across it before. Or maybe you only learn about the SWAG method while studying for the CPA test? (:>)
=======================

Just trying to add a little humor here guys - not intending to offend.

The SWAG method is one of those lovely concepts not taught anywhere in school. OJT concept only. It seems to occur primarily when uninformed taxpayers structure their own transactions over a period of years, usually involving one or more family members, some of which may die during the transaction process. It is always accompanied by poor recordkeeping (or better yet, no recordkeeping). It ultimately ends when one of the poor souls comes to the stark realization that the tax consequences of the transaction(s) are going to fall on their 1040.

"Help, Help, Help" they cry as we inform them that Uncle Bert should not have gifted that 400 acres of timber two months prior to his death.

Pete


Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us