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:
Capital improvements and repair
Adjusted tax basis
Tax depreciation and amortization
First year expensing-IRC section 179
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.