- NY Credits : 2.0
- TX Credits : 2.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 2.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 2.0
This course presents the concepts of determining the original cost basis of property, plus the adjustments for depreciation, repairs, improvements and additional capitalized items. The basis of assets acquired by gift and inheritance are also covered as well as an explanation for what constitutes carryover and substituted basis followed by identifying items included in the amount realized for purposes of calculating gain or loss upon disposition. The second chapter provides detailed instructions on the computation of depreciation using ACRS and MACRS for different classes of property and AMT purposes. The course concludes with a presentation on bonus depreciation and Section 179 limitations.
Included with subscription(s):
Upon successful completion of this course, the user should be able to:
recognize concepts in determining the original cost basis of property, plus the adjustments to the original cost basis for depreciation, repairs, improvements, and additional capitalized items;
identify realized amounts for the purpose of determining recognized gain or loss; and
determine the calculation of ACRS and MACRS process for computing depreciation for all classes of property including AMT and bonus depreciation along with Section 179 limitations.