Gain a comprehensive and practical understanding of the various complex tax laws dealing with property transactions from acquisition to disposition. This webcast provides analysis of the rules dealing with depreciation, amortization, like-kind exchanges, involuntary conversions, and sale of property. You will explore important property-related timing issues and planning opportunities that can lead to significant tax savings for C Corporations and S Corporations. Webcast materials will include the impact of the Tax Cuts and Jobs Act of 2017 (TCJA) tax reform law. Topics discussed • Capital improvements and repair • Adjusted tax basis • Transfers of Property for an Ownership Interest • Salary and Self Employment Tax Issues • Depreciation methods • IRS tables • Allocations in Flow-through Entities • Tax Effects of S Corporation and Partnership Distributions
When you complete this webcast, 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.