P3 review: asset bases and the tax-basis K-1

Schema 13 is as shipped and the asset columns are schema 14 (shipped
migrations pinned by hash); the tax-basis K-1 leaves net income open (only
the return has it) and takes a contributed prepaid plan at its book amount
as its section 723 basis; a disposal of contributed property names its
704(c) gain or loss; aliases compare by meaning; fixture amounts made up.

Co-Authored-By: Claude Opus 5.5 <noreply@anthropic.com>
Claude-Session: https://claude.ai/code/session_01T3gXMVt7XJPi6ens1or9Dj

crates/ledger-gui/src/pages/assets.rs

@@ -203,8 +203,11 @@ pub fn book_vs_tax(rule: Option<BasisRule>) -> &'static str {
         Some(BasisRule::Purchase) => {
             "Book cost and tax basis are both what the company paid; tax depreciation starts from the tax basis — the CPA's."
         }
-        _ => {
-            "Book value is the fair market value at contribution; the tax figures are at contribution, and tax depreciation starts from the depreciable basis — the CPA's."
+        Some(BasisRule::Carryover723 | BasisRule::PersonalUseConversion) => {
+            "Book cost is the fair market value at contribution, and book value that cost less the depreciation posted; the tax figures are at contribution, and tax depreciation starts from the depreciable basis — the CPA's."
+        }
+        None => {
+            "No tax basis is recorded: book value is cost less the depreciation posted; the tax figures follow once the basis is recorded."
         }
     }
 }
@@ -1433,7 +1436,7 @@ fn tax_card(ui: &mut Ui, a: &Asset) {
                 ui.add(
                     egui::Label::new(
                         RichText::new(
-                            "Ask the bookkeeper to record it (books.set_asset_tax_basis): was it bought by the company, contributed by a member from business use, or converted from personal use? Book value is the fair market value at contribution; tax depreciation starts from the tax basis — the CPA's.",
+                            "Ask the bookkeeper to record it (books.set_asset_tax_basis): was it bought by the company, contributed by a member from business use, or converted from personal use? For a contribution, book cost is the fair market value at contribution; tax depreciation starts from the depreciable basis — the CPA's.",
                         )
                         .font(theme::regular(12.5))
                         .color(p.muted),

crates/ledger-gui/src/pages/company.rs

@@ -363,6 +363,9 @@ fn assets(ui: &mut Ui, b: &Books, shell: &mut Shell<'_>) {
                     AssetStatus::Disposed { date, .. } if *date <= b.today => Some(*date),
                     _ => None,
                 };
+                // Not on the books until its acquired date: no book value
+                // yet (the register leaves it out the same way).
+                let later = b.ledger.asset_acquired_date(a.id).filter(|d| *d > b.today);
                 let acc = b.ledger.accumulated_posted(a.id, b.today);
                 let scheduled = accumulated_scheduled_through(a, b.today);
                 let dep = a.cost.amount - a.salvage_value.amount;
@@ -391,6 +394,10 @@ fn assets(ui: &mut Ui, b: &Books, shell: &mut Shell<'_>) {
                     );
                     ui.with_layout(egui::Layout::right_to_left(egui::Align::Center), |ui| {
                         let text = match (&acc, disposed) {
+                            _ if later.is_some() => format!(
+                                "not on the books until {}",
+                                fmt::date(later.expect("checked"))
+                            ),
                             (_, Some(_)) => format!("book value {}", fmt::dollars(Decimal::ZERO)),
                             (Ok(acc), None) => {
                                 format!("book value {}", fmt::dollars(a.cost.amount - *acc))

crates/ledger-gui/src/pages/journal.rs

@@ -65,7 +65,10 @@ fn attachment_name(b: &Books, id: u64) -> String {
 /// depreciable basis $1,440.00, built-in loss $248.40". The figures are
 /// ledger-core's (`Asset::basis_figures`) for the event's facts on the
 /// asset; a pre-P3 `asset.tax_basis_set` (`legacy`: its rule by its old
-/// name, no value) reads the value as the book cost, as it was recorded.
+/// name, no value) reads the value as the asset's book cost today, which
+/// is the cost it was recorded against unless the cost was corrected since
+/// (a correction moves a pre-P3 record's built-in gain, and the line shows
+/// today's figure).
 fn tax_basis_text(b: &Books, asset_id: Option<u64>, p: &Value, legacy: bool) -> String {
     let asset = asset_id.and_then(|id| b.ledger.get_asset(id));
     let name = match (asset, asset_id) {

crates/ledger-gui/src/pages/reports.rs

@@ -1148,17 +1148,20 @@ fn aging(
 
 /// The fixed asset register on `as_of`: ledger-core's
 /// `fixed_asset_register`, laid out, with its reconciliation to the
-/// general ledger and what that says (the Assets page's notices). Each
-/// asset's federal tax basis sits beside its book figures: contributor's
-/// basis, tax basis, and built-in gain (loss), the register row's own,
-/// with its rule (and citation) in the detail; the tax basis total is the
+/// general ledger and what that says (the Assets page's notices). The
+/// book figures in the Assets page's order (cost, posted, book value =
+/// cost less posted, then the schedule's figure); beside them each
+/// asset's tax figures at contribution, the register row's own: §723
+/// basis, depreciable basis and §704(c) built-in gain (loss), with its
+/// rule (and citation), value at contribution, method and, for a built-in
+/// loss, the IRC §704(c)(1)(C) note in the detail; the totals are the
 /// register's.
 fn asset_register(b: &Books, as_of: NaiveDate) -> Table {
     let mut t = Table::new(vec![
         "Cost".into(),
-        "Scheduled".into(),
         "Posted".into(),
         "Book value".into(),
+        "Scheduled".into(),
         // Short enough for the columns: the note says what each is.
         "§723 basis".into(),
         "Depr. basis".into(),
@@ -1217,6 +1220,12 @@ fn asset_register(b: &Books, as_of: NaiveDate) -> Table {
                 ledger_import::asset_register::method_cited(m)
             ));
         }
+        if tax.built_in_gain_704c.is_some_and(|g| g < Decimal::ZERO) {
+            detail.push(
+                "a built-in loss counts only for the contributing member (IRC §704(c)(1)(C))"
+                    .into(),
+            );
+        }
         let opt = |v: Option<Decimal>| Cell {
             value: v,
             drill: None,
@@ -1232,9 +1241,9 @@ fn asset_register(b: &Books, as_of: NaiveDate) -> Table {
             }
             None => vec![
                 Cell::of(x.cost),
-                Cell::of(x.accumulated_scheduled),
                 Cell::of(x.accumulated_posted),
                 Cell::of(x.book_value),
+                Cell::of(x.accumulated_scheduled),
                 opt(tax.tax_basis_723),
                 opt(tax.depreciable_basis),
                 opt(tax.built_in_gain_704c),
@@ -1252,9 +1261,9 @@ fn asset_register(b: &Books, as_of: NaiveDate) -> Table {
         "Total held",
         vec![
             Cell::of(r.total_cost),
-            Cell::of(r.total_accumulated_scheduled),
             Cell::of(r.total_accumulated_posted),
             Cell::of(r.total_book_value),
+            Cell::of(r.total_accumulated_scheduled),
             Cell::of(r.total_tax_basis_723),
             Cell::of(r.total_depreciable_basis),
             Cell::none(),
@@ -1292,11 +1301,11 @@ fn asset_register(b: &Books, as_of: NaiveDate) -> Table {
                 value: Some(r.ledger_accumulated),
                 drill: accum_drill,
             },
+            Cell::of(r.ledger_cost - r.ledger_accumulated),
             Cell {
                 value: Some(r.ledger_accumulated),
                 drill: accum_drill,
             },
-            Cell::of(r.ledger_cost - r.ledger_accumulated),
             Cell::none(),
             Cell::none(),
             Cell::none(),
@@ -1307,9 +1316,9 @@ fn asset_register(b: &Books, as_of: NaiveDate) -> Table {
         "Register less books",
         vec![
             Cell::of(-r.unregistered_cost()),
-            Cell::of(r.unposted_depreciation()),
             Cell::of(-r.unattributed_accumulated()),
             Cell::of(r.total_book_value - (r.ledger_cost - r.ledger_accumulated)),
+            Cell::of(r.unposted_depreciation()),
             Cell::none(),
             Cell::none(),
             Cell::none(),
@@ -2441,9 +2450,9 @@ mod tests {
             t.columns,
             [
                 "Cost",
-                "Scheduled",
                 "Posted",
                 "Book value",
+                "Scheduled",
                 "§723 basis",
                 "Depr. basis",
                 "Built-in gain"
@@ -2462,9 +2471,9 @@ mod tests {
                 v,
                 [
                     Some(x.cost),
-                    Some(x.accumulated_scheduled),
                     Some(x.accumulated_posted),
                     Some(x.book_value),
+                    Some(x.accumulated_scheduled),
                     f.tax_basis_723,
                     Some(f.depreciable_basis),
                     f.built_in_gain_704c,
@@ -2476,7 +2485,9 @@ mod tests {
         let total = t.rows.iter().find(|row| row.label == "Total held").unwrap();
         assert_eq!(total.cells[5].value, Some(r.total_depreciable_basis));
         assert_eq!(total.cells[5].value, r.rows[0].depreciable_basis);
-        assert_eq!(total.cells[2].value, Some(r.total_accumulated_posted));
+        assert_eq!(total.cells[1].value, Some(r.total_accumulated_posted));
+        assert_eq!(total.cells[2].value, Some(r.total_book_value));
+        assert_eq!(total.cells[3].value, Some(r.total_accumulated_scheduled));
         assert!(
             t.rows
                 .iter()