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 will include the impact of the Tax Cuts and Jobs Act of 2017 (TCJA) tax reform law.
Learning Objectives
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
Major Topics
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