Capitalized Costs and Depreciation - Tax Staff Essentials
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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.
This course will prepare you to:
- 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
- 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
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