Sec 179 Depreciation

Publisher
WiseGuides, Inc.
2796 Greenspire Ln
Akron, Oh 44333
Copyright © 2010

Field of Study: Taxes
Level: Basic
Recommended CPE Credit 2 hours
Prerequisites: None
Advanced Preparation: None
Type of Delivery: Self-Study
Expiration: Course expires 1 year after purchase
Course Update: May, 2010
Accreditation: NASBA, IRS, CTEC, OTPB
Guarantee/Complaint Resolution

Course Outline


Lesson 1 - Electing Section 179
Learning Objectives 1
Section 179 Deduction Defined
Eligible Property
Tangible Personal Property
Single Purpose Structures
Business Use
Property Acquired by Purchase
Excepted Property
Leased Property
Property Used for Lodging


Lesson 2 - Section 179 Deduction
Learning Objectives 2
Deduction is Generally Cost
Dollar Limit
Reduced Dollar Limit
Enterprise Zone
Disaster Assistance Property
Passenger Automobiles
Married Individuals


Lesson 3 - Business Income Limit
Learning Objectives 3
Taxable Income
Two Different Limits
Carryover
Partnerships and Partners
Adjustment of Partner's Basis
Partnership's Basis
S Corporation
Other Corporations


Lesson 4 - Deduction & Recapture
Learning Objectives 4
Deduction Must be Elected
How to Elect the Deduction
Revoking an Election
Recapture of Deduction
Figuring Recapture
Section 179 Worksheet
Record-keeping Requirements

Course Objectives

Lesson - 1
After completing Lesson 1, you will be able to:
  • Identify which property qualifies for Section 179 treatment
  • Identify tangible personal property for section 179 treatment
  • Identify the unintended consequences by electing the section 179 treatment
Lesson - 2
After completing Lesson 2, you will be able to:
  • Figure the qualifying cost for the section 179 deduction
  • Determine the dollar limit available for qualified Section 179 property
  • Determine the maximum section 179 deduction for a passenger automobile
Lesson - 3
After completing Lesson 3, you will be able to:
  • Identify taxable income for purposes of figuring the section 179 deduction
  • Figure a partnership's maximum section 179 deduction
Lesson - 4
After completing Lesson 4, you will be able to:
  • Figure the recapture of a section 179 deduction.