Surgent's Comprehensive Guide to Tax Depreciation, Expensing, and Property Transactions - Download

Overview

With a greater-than-ever 179 deduction boosted by additional first-year depreciation and pandemic-related business-friendly provisions, these are unprecedented times for businesses to make major asset investments.

From the most up-to-date depreciation regulations to inflation adjustments and technical corrections, this course provides guidance for navigating the complex maze of rules dealing with depreciation, amortization, and sales of property. The manual contains a wide range of case types and examples covering common and uncommon situations to illustrate the most important points for CPAs to understand.

Highlights

Final regulations – bonus depreciation and §1031 exchanges
Technical correction in Rev. Proc. 2019-13 – use it or stand to lose second-year depreciation deductions for luxury automobiles
Components for real estate depreciation
Depreciation alternatives
Rules for §179 depreciation
Sales of property and the depreciation recapture rules (§1245, §1250, unrecaptured §1250 gain for real estate, §291 for corporations)
Amortization of research and experimentation costs
Depreciating like-kind exchange property
Applying §121 and §1031 to the same transfer of property
Reacquired installment sale property – calculating potential gain and new basis
Understanding §197 amortization issues and handling intangible asset costs
Depreciation issues, tax-deferred exchanges, conversions of personal property into business property, and home sale exclusions
Compliance and planning issues
Cases and rulings of depreciation and amortization issues and how they impact clients, plus useful planning opportunities

Prerequisites

Basic knowledge of tax issues for property transactions

Designed For

CPAs in industry and public accounting who need a thorough grasp of this important area of tax law and want to maximize possible tax savings for their clients

Objectives

Understand the assets subject to depreciation
Answer advanced §179 and automobile depreciation questions
Comprehend depreciation and MACRS cost recovery
Navigate installment sales and reacquisitions
Complete cases related to depreciation and sales of assets