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.
▪ Recall the initial tax basis and adjusted tax basis of business property
▪ Identify purchase price in a lump-sum purchase of business assets
▪ Identify the tax basis of self-constructed assets
▪ Recall the tax treatment of expenditures for materials and supplies
▪ Distinguish between deductible repairs and capitalized improvements
▪ Recall recent changes in the tax rules to classification of expenditures as materials, supplies, repairs, and improvements
▪ Recall the fundamentals of MACRS depreciation
▪ Recognize eligibility for Section 179 immediate expensing
▪ Recognize which assets are considered listed property
▪ Identify common amortizable intangibles
▪ Recognize the types of purchased intangible costs that must be capitalized
▪ Distinguish how to allocate purchase price to intangible assets under the residual method
▪ Recall how to depreciate improvements to leased tangible property
▪ Identify self-created intangibles that must be capitalized
▪ 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
Designed for Beginning Staff . The Tax Staff Essentials courses establish a strong set of core skills necessary for junior staff growth. Tax Staff with 0-1 year experience.