This 4-credit CPE course on depreciation rules covers the two most often prepared forms, Form 4562 and Form 4797. With many examples and cases, this course is helpful for both new and experienced tax preparers.
- AMT depreciation adjustments and how to avoid them
- Examples, cases, and rulings of depreciation and amortization issues and how they impact clients, along with the useful planning opportunities
- Amortization of start-up, organization, and other expenditures
- MACRS depreciation — finding the proper method, convention, and recovery period
- What is “listed property” and what are the current limitations?
- Sale of property and the depreciation recapture rules (§§1245, 1250, unrecaptured §1250 gain for real estate, §291 for corporations)
- Detailed coverage of §179 expense election and §168(k) bonus or “additional first-year depreciation” — how to maximize them, definitions, limitations, what property qualifies, etc.
- New regulations on capitalization of tangible assets and procedures for automatic changes in accounting method associated with the new depreciation rules
- Discuss cases highlighting some of the practical issues tax preparers face
- Understand assets from acquisition to disposition
- Fully understand two of the most commonly prepared tax forms
CPAs in industry and public accounting who need a thorough grasp of this important area of tax law and who want to maximize the possible tax savings for their clients
Basic knowledge of tax issues for property transactions