CPE: 4 hours
Advanced prep: None
Who should attend: Public Accounting staff and senior associates; tax professionals in finance or tax departments
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.
When you complete this course you will be able to:
• 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 for tax purposes properly.
• 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 §179 expensing.
• Capital improvements and repair
• Adjusted tax basis
• Tax depreciation and amortization
• First year expensing-IRC section 179
• Depreciation methods
• IRS tables