Asset Basis and Depreciation for Taxes  

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.