- NY Credits : 1.0
- TX Credits : 1.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 1.0
This program addresses how to properly report depreciation expense on Form 1120 and on Form 4562, the characteristics of depreciable assets, the methods and conventions used in depreciating property, including MACRS depreciation of real and personal property, the current IRC Sec 179 deduction limits, bonus depreciation, the luxury auto depreciation rules, ACRS depreciation, the income forecast method of depreciation, and the capitalization and amortization rules relating to IRC Sec 197 intangible assets. This course is most appropriate for the professional with detailed knowledge in depreciation in federal taxation who may be at a mid-level position within an organization with operational or supervisory responsibilities, or both.
Upon successful completion of this course, the user should be able to:
properly report depreciation expense under MACRS, ACRS, and the income forecast method, and
identify the capitalization and amortization rules relating to organizational expenditures, start-up costs, and IRC Sec. 197 intangible assets.