2015-2016 Federal Tax Update: Depreciation Issues (Currently Unavailable)

Author: Stuart P Sobel

CPE Credit:  3 hours for CPAs
3 hours Federal Tax Law Updates for EAs and OTRPs
3 hours Federal Tax Updates for CTEC

Stuart will provide an overview of a variety of significant depreciation tax issues.

Publication Date: October 2015

Designed For
All tax practitioners in public and private practice who need to understand the basics and recent changes in the tax law and procedures.

Topics Covered

  • New depreciation legislation
  • Review of basics
  • Depreciation transactions involving related parties
  • Depreciation after incorporating
  • Depreciation of assets acquired as a gift
  • Depreciation of assets acquired in like-kind exchanges
  • Home office
  • Recapture
  • Correcting depreciation

Learning Objectives

  • Differentiate mistakes in the preparation of 2015 tax returns
  • Identify ways of reducing tax liability through effective tax planning
  • Recognize expiring tax provisions included in the Tax Increase Prevention Act of 2014 (TIPA)
  • Identify the general depreciation system and how to classify assets
  • Recognize which assets would qualify as 20-year property under the general depreciation system (GDS)
  • Describe to a client which of the types of acquired properties would qualify for the deduction under the §179 deduction
  • Identify depreciation of property
  • Recognize and apply when you would use the safe harbor method
  • Recognize when to utilize the home deduction and the benefits of deductions
  • Identify listed property and how it would apply to depreciation
  • Recognize and apply property classifications under the general deprecation system (GDS)
  • Identify depreciation rules under the Tax Increase Prevention Act of 2014
  • Calculate acquired assets as a gift utilizing fair market value (FMV)
  • Recognize the new basis in exchanges under a §1031 like-kind exchange
  • Identify the rules and eligibility criteria applied when acquiring assets in a like-kind exchange
  • Identify income from the home office portion of a sale on a home
  • Identify and apply the simplified option for your home office deduction utilizing the standard deduction
  • Recognize how to switch from the regular deduction to the simplified method for home office deductions
  • Identify how IRC §1250 recapture and the portion of the gain attributable to straight-line would be taxed as ordinary income and capped at
  • Recognize how to amend a return with incorrect depreciation amounts
  • Identify how to correct missed depreciation on earlier returns and the proper form

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (3 hours)

Program Prerequisites
A basic understanding of tax preparation.

Advance Preparation
None

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