Gain a comprehensive and practical understanding of the various complex tax laws dealing with property transactions from acquisition to disposition. This course provides analysis of the rules dealing with depreciation, amortization, like • kind exchanges, involuntary conversions and sale of property. It also covers important property • related timing issues and planning opportunities that can lead to significant tax savings for C Corporations and S Corporations. Course materials include the impact of the Tax Cuts and Jobs Act of 2017 (TCJA) tax reform law.
• Calculate the initial tax basis and adjusted tax basis of business property. • Recall how to determine the tax basis of self • constructed assets. • Distinguish between deductible repairs and capitalized improvements under new tax provisions. • Indicate the proper classification of expenditures for tax purposes. • Recall recent changes in the tax rules related to classification of expenditures. • Recognize deduction recognition issues related to amortization. • Recall fundamental points of the MACRS system of depreciation/cost recovery. • Recognize eligibility for immediate §179 expensing.
• Capital improvements and repair • Adjusted tax basis • Tax depreciation and amortization • First year expensing • IRC section 179 • Depreciation methods • Form 3115, change in accounting method
Public accounting staff and senior associates; Tax professionals in company finance or tax departments