Capitalized Costs and Depreciation: Key Issues and Answers
Wednesday, December 13, 2017
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. TOPICS DISCUSSED 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.