Course Year: 2012
Course Level: Basic
Prerequisite: None
Advanced Preparation: None
|
CPE Credits |
Designation |
Field of Study |
| IRS * |
4 |
EA |
Federal Tax Law Topic |
| NASBA |
0 |
CPA |
N/A |
| CTEC |
4 |
CRTP |
Federal Tax Law Topic |
| CFP Board |
0 |
CFP® |
N/A |
* NATP will report CPE credits to the IRS for all PTIN holders. CPE is currently not mandatory for RTRPs or RTRP candidates and any option to register or participate in this program is strictly voluntary.
Fees: $65 for Members and $89 for Nonmembers
Summary
This course is designed to introduce tax professionals to basic depreciation on Form 4562, including §179 and bonus depreciation. It will also review the special rules for listed property (e.g., passenger automobiles, etc.). Lastly, it will explain how to report the sale of business property on Form 4797 and the tax consequences of such sales.
Table of Contents
Objectives
Upon completion of this course, you will be able to:
- Understand the mechanics of depreciating fixed assets.
- Apply the listed property rules.
- Explain the requirements for claiming §179.
- Determine which property qualifies for bonus depreciation.
- Recognize when Form 4562 must be filed and complete the form as required.
- Determine where the sale of business property is reported on Form 4797.
- Compute the gain or loss on sale.
- Explain how business gains or losses are taxed.
- Define depreciation recapture, unrecaptured §1250 gain, and nonrecaptured §1231 losses.
For more information regarding refund, complaint and/or program cancellation policies, please contact our Member Services Department at 800.558.3402, ext. 3.