- NY Credits : 2.0
- TX Credits : 2.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 2.0
Repairs or Capitalize
When a taxpayer incurs an expenditure on an asset after the asset has been placed in service, the expenditure may be classified as a repair expense, maintenance expense, or improvement. This course provides a look at the regulations and provides guidance to help the taxpayer determine if the expenditures should be capitalized under IRC Section 263(a). This course has been updated to address relevant provisions of tax laws through the Tax Cuts and Jobs Act of 2017. This course is most beneficial to professionals new to tangible property regulations. These individuals are often at the staff or entry level in an organization, although this course may also benefit a seasoned professional with limited exposure to tangible property regulations.
Upon successful completion of this course, the user should be able to:
identify a unit of property,
distinguish between a betterment, restoration, or adaptation of a property to a new or different use, and
recognize situations where a partial retirement should be elected.