Gain a comprehensive and practical understanding of the IRS Cost and Repair Regulations dealing with property transactions from acquisition to disposition. This CPE course analyses the rules for depreciation, amortization, like-kind exchanges, involuntary conversions and business property sales. It also covers important property-related timing issues and planning opportunities that can lead to significant tax savings.
Learning Objectives
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
Key Topics
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
Who will it benefit?
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.
$ 149.00
AICPA Member Price: $ 119.00
Course is unavailable for purchase.
NASBA Field of Study
Taxes
Level
Basic
CPE Credits
6.0
Prerequisites
None
Delivery Method
QAS Self-Study
Advance Preparation
None
Last Updated
01/04/2022
TSECCD_16A-E_2
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