Top Federal Tax Issues for 2019 CPE Course: Module 3

Author: John Hanning, Jennifer Kowal

CCH's Top Federal Tax Issues Course identifies those recent events that have developed into the current “hot” issues of the day. These tax issues have been selected as particularly relevant to tax practice in 2019. They have been selected not only because of their impact on return preparation during the 2019 tax season but also because of the important role they play in developing effective tax strategies for 2019 and beyond. This module reviews the reviews tax issues related to property.

Publication Date: October 2018

Designed For
CPAs, Tax Professionals

Topics Covered

• Bonus Depreciation
• Tax Reform Updates
• Cost Segregation Tax Planning
• General Tax Basis Rules -- definition of "cost" basis
• Special Rules re: basis of property received by gift or bequest
• Rules re: allocation of basis when not all the property is sold
• Basis effects of depreciation, including failing to claim allowable depreciation
• Basis of property received in exchanges, including non-recognition exchanges

Learning Objectives

• Recognize the percentages of the bonus depreciation deduction applicable for 2018 and subsequent years
• Identify how the new tax law affects other tax planning strategies such as Code Sec. 179 expensing and net operating losses
• Recognize the types of property held to be qualified leasehold improvements and qualified improvement property
• Recognize general tax basis rules and outcome of common "cost" basis situations
• Identify rules that apply in determining how to allocate basis or determine which basis to use when not all of a taxpayer's property is sold
• Recognize the special rules that apply to property received by gift or inheritance
• Recognize the effects of depreciation and nonrecognition exchanges on calculating basis

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
Basic understanding of Federal tax law

Advance Preparation
None