Objective
- 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
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
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 clientsPrerequisite
Basic knowledge of tax issues for property transactionsAdvanced Preparation
None