Don Farmer's Repair Regulations in Practice: Capitalization vs. Expense
2.00 Credits
Member Price $89
Non-Member Price $109
Overview
This course examines the tangible property regulations with a focus on distinguishing deductible repairs from capital improvements. Participants will analyze unit of property rules, betterment, restoration, and adaptation standards, and available safe harbors. Practical examples demonstrate how to apply the regulations in examinations and planning contexts.
Highlights
- Overview of Tangible Property Regulations
- Unit of Property Rules
- Repair vs. Capital Improvements
- Betterment, Restoration, and Adaptation Standards
- Safe Harbors and Elections
- Examination and Audit Risk Considerations
Prerequisites
None
Designed For
CPAs and tax professionals involved in the world of tax.
Objectives
- Apply the unit of property rules to real estate and equipment
- Distinguish repairs from capital improvements
- Analyze betterment, restoration, and adaptation standards
- Utilize available safe harbors and elections
- Identify audit risk areas related to repair regulations
Preparation
None
Leader(s):
Leader Bios
Nicholas Preusch
Nicholas Preusch, CPA, JD, LLM, is a tax manager with PBMares, LLP, in Fredericksburg, VA, where he works with high wealth individuals and mid- to large-size companies focusing on tax controversy and complex tax issues. In addition, Nicholas is an adjunct professor at the University of Mary Washington. Nicholas has been published in the AICPA’s Journal of Accountancy and Tax Adviser, and in CCH’s Journal of Tax Practice and Procedure. He co-authored the textbook Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas was named one of the VSCPA’s Top 5 Under 35 in 2017. Prior to joining private practice, Nicholas started his career as an IRS Revenue Agent. He later joined the IRS Office of Professional Responsibility as an enforcement attorney. While at OPR, he was the lead attorney on several milestone cases such as Gass and Pezzo. Nicholas is a graduate of Carthage College, degree in Accounting and Business; he has also earned a Master of Science in Accounting from the University of Connecticut, his JD from Case Western Reserve University, and his LLM in Taxation from Georgetown University.
Non-Member Price $109
Member Price $89