Depreciation, amortization, and capitalization all play an essential role in accurate tax reporting.
DESIGNED FOR
- Public accounting staff and senior associates
- Tax professionals in company finance or tax departments/li>
BENEFITS
- Recall the initial tax basis of business property, including those purchased and acquired in an exchange transaction.
- Identify the tax basis of self-constructed assets.
- Recall the tax treatment of expenditures for materials and supplies.
- Distinguish between deductible and capitalized expenditures related to repairs and improvements.
- Recall the fundamentals of modified accelerated cost recovery system (MACRS) depreciation.
- Recognize which assets are considered listed property.
- Identify intangibles that are subject to capitalization and amortization.
HIGHLIGHTS
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 startup costs
Research and experimental expenditures
H.R. 1, commonly referred to as OBBBAPREREQUISITES
None