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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 include the impact of the Tax Cuts and Jobs Act of 2017 (TCJA) tax reform law.
- 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
- 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.
Designed For: Public accounting staff and senior associates; Tax professionals in company finance or tax departments|
Instructor: Shelley Rhoades
CPE Credits: 6
Area of Study: Taxes 6
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