From acquisition to disposition, capitalized costs and depreciation can be challenging to understand. Developed to help you gain significant tax savings for your clients, this self-study course offers a comprehensive and practical understanding of the IRS cost and repair regulations dealing with property transactions. Also analyzed in this course are the rules for depreciation, amortization, like-kind exchanges, involuntary conversions, business property sales, and important property-related timing issues and planning opportunities. 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. *Determine the tax basis of self-constructed assets. *Distinguish between deductible repairs and capitalized improvements under new tax provisions. *Classify expenditures properly for tax purposes. *Apply recent changes in the tax rules to classification of expenditures and tax result. *Recognize deduction recognition issues related to amortization. *Understand the fundamentals of the MACRS system of depreciation/cost recovery. *Recognize eligibility for immediate Section 179 expensing.
*Tax basis of property acquisitions *Initial basis of property acquired in an exchange transaction *Materials, supplies, repairs, and improvements * Accounting method changes *Depreciation: MACRS, Section 179, bonus *Intangible assets and amortization * Organization and start-up costs
Public accounting staff and senior associates and tax professionals in company finance or tax departments