TAILIEUCHUNG - Lecture Taxation of individuals and business entities 2015 - Chapter 9: Property acquisition and cost recovery

Upon completion of this lesson, the successful participant will be able to: Explain the concept of basis and adjusted basis and describe the cost recovery methods used under the tax law to recover the cost of personal property, real property, intangible assets, and natural resources; determine the applicable cost recovery (depreciation) life, method, and convention for tangible personal and real property and calculate the deduction allowable under MACRS;. | Chapter 9 Property Acquisition and Cost Recovery Learning Objectives Explain the concept of basis and adjusted basis and describe the cost recovery methods used under the tax law to recover the cost of personal property, real property, intangible assets, and natural resources Determine the applicable cost recovery (depreciation) life, method, and convention for tangible personal and real property and calculate the deduction allowable under MACRS Explain the additional special cost recovery rules (§179, bonus, listed property) and calculate the deduction allowable under these rules. Explain the rationale behind amortization, describe the four categories of amortizable intangible assets, and calculate amortization expense Explain cost recovery of natural resources and the allowable depletion methods Cost Recovery Businesses must capitalize the cost of assets with a useful life of more than one year on the balance sheet rather than expense the cost immediately Also known as depreciation,

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• Business entities
• Individual taxation
• Multijurisdictional taxation
• Transfer taxes
• Property acquisition
• Cost recovery
• Urban market business entities
• Competitiveness of urban market business entities
• Market business entities
• Organization and management capacity
• Finance competence and business performance
• Essentials of taxation
• Business tax credits
• Corporate alternative minimum tax
• Limited liability entities
• Profits and distributions
• Entity legal classification
• Nontax characteristics
• Business income
• Accounting methods
• Operating partnerships
• Flow through entities
• The financial statements
• Business deductions
• Financial statements
• Loss limitations
• Property transactions
• Corporate taxation
• Nonliquidating distributions
• Corporate formation
• Taxable acquisitions
• Partnership interests
• Partnership distributions
• Operating distributions
• Post termination transition period
• Local taxes
• Income taxes
• Multinational transactions
• Taxing multinational transactions
• Wealth planning
• Tax rate structures
• Federal taxes
• Tax compliance
• Tax authorities
• Tax planning strategies
• Related limitations
• Individual income tax
• Filing status
• Gross income
• Recognize income
• Individual deductions
• Deductions for AGI