Objective
- Fully understand two of the most commonly prepared tax forms
- Understand assets from acquisition to disposition
- Complete/discuss cases highlighting some of the practical issues tax preparers face
Highlights
- Coverage of the Inflation Reduction Act of 2022
- Resolved technical glitches for Qualified Improvement Property
- 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.
- Sale of property and the depreciation recapture rules (§§1245, 1250, unrecaptured §1250 gain for real estate, §291 for corporations)
- MACRS depreciation -- finding the proper method, convention, and recovery period
- What is “listed property” and what are the current limitations?
- Amortization of start-up, organization, and other expenditures
- 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
Designed For
Accounting and Finance Professionals 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 clientsPrerequisite
Basic knowledge of tax issues for property transactionsAdvanced Preparation
None