Capitalized Costs and Depreciation: Key Issues and Answers
Description
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 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.
Major Topics
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
Provider
AICPA
Course Level
Basic
Professional Area of Focus
Business & Industry
Tax
CPE Field of Study
Taxes
6
Who Should Attend
Public accounting staff and senior associates, tax professionals in finance or tax