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.

Course ID(s): UUBXU-U-00083-25-S

Approved By: International Revenue Service (IRS)