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.
Learning Objectives
Calculate the initial tax basis and adjusted tax basis of businessproperty
Recall how to determine the tax basis of self-constructed assets
Distinguish between deductible repairs and capitalized improvementsunder new tax provisions
Indicate classification of expenditures for tax purposes properly
Recall recent changes in the tax rules related to classification ofexpenditures and tax result
Recognize deduction recognition issues related to amortization
Recall fundamental points of the MACRS system of depreciation/costrecovery
Recognize eligibility for immediate 179 expensing
Major Topics
Capital improvements and repair Adjusted tax basis Tax depreciation and amortization First year expensing-IRC section 179 Depreciation methods The latest Revenue Procedures related to the final repair regulations and form 3115, change in accounting method
Provider
AICPA
Course Level
Basic
Professional Area of Focus
Tax
CPE Field of Study
Taxes
4
Who Should Attend
Public Accounting staff and senior associates, tax professionals in company finance or tax departments