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
When you complete this course you will be able to:
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 classification of expenditures for tax purposes properly.
Recall recent changes in the tax rules related to classification of expenditures and tax result.
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
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 finance or tax departments
