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Capitalized Costs and Depreciation - Tax Staff Essentials

Author/Moderator: Dr. Shelley Rhoades-Catanach, Ph.D., CPA
Publisher: AICPA
Availability: Online Access
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Save when you buy the complete Tax Staff Essentials, Level 1 online bundle.

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.

Topics Discussed

  • 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

Learning Objectives
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

Prerequisites: None

Advance Preparation: None

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NASBA Field of Study: Taxes
Level: Basic
Recommended CPE Credit: 6
Capitalized Costs and Depreciation - Tax Staff Essentials
CPE On-Demand 2016
Product# 157592
Availability: Online Access 1 Year
For registered users only
AICPA Member:$119.00
Your Price:$149.00
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