Surgent's Comprehensive Guide to Tax Depreciation, Expensing, and Property Transactions

With a greater-than-ever §179 deduction boosted by additional first-year depreciation and pandemic-related business-friendly provisions, these are unprecedented times for businesses to make major asset investments.  From the most-up-to-date depreciation regulations to inflation adjustments and technical corrections, this course will help you navigate the complex maze of rules dealing with depreciation, amortization, and sales of property. This reference manual contains a wide range of case types and examples, covering common and uncommon situations to illustrate the most important points CPAs need to be aware of.

CPAs in industry and public accounting who need a thorough grasp of this important area of tax law and who want to maximize the possible tax savings for their clients

• Understand the assets subject to depreciation    
•  Answer advanced §179 and automobile depreciation questions    
•  Comprehend depreciation and MACRS cost recovery   
•   Navigate installment sales and reacquisitions   
•   Complete cases related to depreciation and sales of assets

New bonus depreciation and §179 changes under the One Big Beautiful Bill Act (OBBBA)     Final regulations – bonus depreciation and §1031 exchanges     Technical correction in Rev. Proc. 2019-13 – use it or stand to lose second-year depreciation deductions for luxury automobiles     Components for real estate depreciation     Depreciation alternatives     Rules for §179 depreciation     Sales of property and the depreciation recapture rules (§1245, §1250, unrecaptured §1250 gain for real estate, §291 for corporations)     Amortization of research and experimentation costs, including new rules under the OBBBA     Depreciating like-kind exchange property     Applying §121 and §1031 to the same transfer of property     Reacquired installment sale property – calculating potential gain and new basis     Understanding §197 amortization issues and handling intangible asset costs     Depreciation issues, tax-deferred exchanges, conversions of personal property into business property, and home sale exclusions     Compliance and planning issues     Cases and rulings of depreciation and amortization issues and how they impact clients, plus useful planning opportunities

Basic knowledge of tax issues for property transactions