Basis of Assets and Depreciation

This class for tax professionals seeking to renew a license contains three hours of educational content on asset value and depreciation methods. The topics covered in this class include the following: 

• Basis of Property 
  • A portion of this class introduces the concept of “basis” as It applies to taxable property. 
• Assets 
  • A portion of the class discusses business assets. This segment both introduces the concept of business assets and looks at the different categories of assets that exist. 
• Anti-Churning Rules 
  • A portion of the class is concerned with rules in place that are intended to prevent the abuse of the amortization deduction as it applies to Section 197 intangible assets. 
• Basis of Multiple Assets 
  • A portion of the class examines how basis is allocated when multiple assets are acquired in the same sale. 
• Adjusting the Basis of Assets 
  • A portion of the class talks about why and how the basis of assets are adjusted. 
• Basis Other than Cost 
  • A portion of the class covers the calculation of an asset’s basis using something other than the purchase price 
• Nontaxable Exchanges 
  • A portion of the class describes how basis is determined when assets (including stocks and bonds) are acquired through a nontaxable exchange. 
• Stated and Unstated Interest 
  • A portion of the class explores the concepts of stated and unstated interest and how they are taxed. 
• Depreciating Property 
  • A portion of the class looks at depreciation and how it is applied to the taxable value of property. 

Once a student completes the class, they will take a 21 question exam that is designed to promote comprehension and retention of the information presented in the class.