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Capitalized Costs & Depreciation - Tax Staff Essentials

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Online, OK 00000

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5.50 Credits

Member Price $213

Non-Member Price $261

Overview

How do I treat a property transaction?
You’ll be able to answer this question after taking a focused look at the IRS cost and repair regulations. With an understanding of capitalized cost and depreciation rules, you can help your clients achieve significant tax savings. You’ll also learn about the rules for:

  • Depreciation
  • Amortization
  • Like-kind exchanges
  • Involuntary conversions
  • Business property sales
  • Property-related timing issues
  • Planning opportunities

    What's going on with capitalized costs and depreciation?
    Course materials cover the latest legislation, including:
  • The requirement to capitalize and amortize Section 174 research and experimentation expenditures
  • Changes to bonus depreciation levels starting in 2023
  • The technical correction issued in the Coronavirus Aid, Relief, and Economic Security (CARES) Act

    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 start-up costs

    Prerequisites

    None

    Designed For

    public accounting staff and senior associate Tax professionals in company finance or Tax departments

    Objectives

    • Recall the initial tax basis and adjusted tax basis of business property.
    • Identify the tax basis of self-constructed assets.
    • Distinguish between deductible repairs and capitalized improvements.
    • Recall changes in the tax rules to the classification of expenditures such as materials, supplies, repairs, and improvements.
    • Recall the fundamentals of modified accelerated cost recovery system (MACRS) depreciation.
    • Recognize which assets are considered listed property.
    • Recognize the types of purchased intangible costs that must be capitalized.
  • Leader(s):

    Leader Bios

    Shelley Rhoades-Catanach, AICPA

    Dr. Rhoades-Catanach joined the accounting faculty of Villanova University in 1998, and teaches a variety of tax courses in the undergraduate, Master of Taxation, MBA and Master of Accounting Programs. Prior to joining Villanova, she taught at Washington University in St. Louis and the Darden Graduate School at the University of Virginia. She has also served as a visiting faculty member in the MBA program at INSEAD in Fontainebleau, France. Before entering academia, Dr. Rhoades-Catanach spent seven years at Arthur Andersen as a tax professional.

    Dr. Rhoades-Catanach’s research focuses on the impact of taxes on strategic decision making in such areas as tax reporting and auditing, changes in tax policy, taxpayer rights legislation, and the impact of state taxation on firm location and investment decisions. She is the co-author of two textbooks, Principles of Taxation for Business and Investment Planning and Advanced Strategies in Taxation and has published numerous articles in journals such as The Accounting Review, Research in Accounting Studies, Journal of the American Taxation Association, and Issues in Accounting Education.

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    Non-Member Price $261

    Member Price $213