Capitalized Costs and Depreciation - Tax Staff Essentials
This course provides background in depreciation methods as well as some tax planning opportunities that surround fixed assets.
NASBA Field of Study
Dr. Shelley Rhoades-Catanach
Save when you buy the complete Tax Staff Essentials, Level 1 online bundle..
How do I treat a property transaction?
This course will help you answer this question by focusing on understanding capitalized costs and depreciation and learning about the IRS cost and repair regulations dealing with property transactions so you can help your clients gain significant tax savings.
Tax professionals will also learn about the rules for depreciation, amortization, like-kind exchanges, involuntary conversions, business property sales, and important property-related timing issues and planning opportunities.
Course materials include the latest legislation, including the impact of the Tax Cuts and Jobs Act of 2017 (TCJA) tax reform law, as well as the technical correction issued in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This course provides CPE credit in the Tax field of study.
Who Will Benefit
- Public accounting staff and senior associate
- Tax professionals in company finance or tax departments
- 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, and bonus
- Intangible assets and amortization
- Organization and start-up costs
- Calculate the initial tax basis and adjusted tax basis of business property.
- Determine the tax basis of self-constructed assets.
- Distinguish between deductible repairs and capitalized improvements under new tax provisions.
- Classify expenditures properly for tax purposes.
- Apply recent changes in the tax rules to classification of expenditures and tax results.
- Recognize deduction recognition issues related to amortization.
- Recognize the fundamentals of the MACRS system of depreciation/cost recovery.
- Recognize eligibility for immediate Section 179 expensing.
Group ordering for your team
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