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