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Overview

8.0 Credits
ONLINE

With greater-than-ever §179 deductions boosted by 100 percent additional first-year depreciation and pandemic-related business-friendly provisions, these are unprecedented times for businesses to make significant asset investments. From the most up-to-date depreciation regulations to inflation adjustments and technical corrections, this material will help you navigate the complex maze of depreciation, amortization, and property sale rules. The reference manual contains many case types and examples, covering common and less commonly encountered situations to illustrate the most important points CPAs must know.

Objectives

  • Understand which assets are subject to depreciation
  • Answer advanced §179 and automobile depreciation questions
  • Fully understand depreciation and MACRS cost recovery
  • Understand installment sales and reacquisitions
  • Complete cases related to depreciation and sales of assets

 

Major Topics

  • Complete coverage of recent tax acts and any new legislation enacted before presentation
  • Final regulations -- bonus depreciation and §1031 exchanges
  • Technical correction Rev. Proc. 2019-13 -- use it or stand to lose second-year depreciation deductions for luxury automobiles
  • What are the components for real estate depreciation?
  • A new SUV or sedan, a study of depreciation alternatives
  • Permanency in §179 depreciation rules? How to maximize its use; when to use it; what property qualifies?
  • Sale of property and the depreciation recapture rules (§§1245, 1250, unrecaptured §1250 gain for real estate, §291 for corporations)
  • How to depreciate like-kind exchange property
  • May §121 and §1031 apply to the same transfer of property?
  • Reacquired installment sale property -- calculating potential gain and new basis
  • Understanding §197 amortization issues; how to handle intangible asset costs
  • Depreciation issues, tax-deferred exchanges, personal property converted to business property, & overview of home sale exclusion
  • Guide for compliance and planning issues
  • Cases and rulings of depreciation and amortization issues and how they impact clients, along with the useful planning opportunities

Prerequisite

Basic knowledge of tax issues for property transactions

 

Sessions

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Friday, November 15, 2024

General Sessions