Selected Business Expenses - Mini CourseCode: 25-BUSEXP2

69 pages

Course description and objectives:

Business expenses are the costs of carrying on a trade or business, and they are usually deductible if the business is operated to make a profit. This mini-course reviews various expenses that businesses may deduct and the requirements that must be met for those expenses to qualify for deduction. Furthermore, practitioners can use this as a guide to determine which of their clients' taxes are deductible as business expenses

After reading the materials, participants will be able to:

• List the elements of the §162 and the limitations imposed by the not-for-profit provisions explaining how these elements and restrictions impact business deductions such as cost of goods sold, leases, taxes, loan points, and interest expense.
• Analyze the corporate dividends received deduction, determine the cost allocation on the business use of a residence and define casualties, thefts and research costs in the context of business deductions under §162.
• Compare and describe the various methods of amortization for business startup, organizational costs, and §179 intangibles with the cost depletion methods used on natural resources.
• Explain depreciation rules related to ACRS and MACRS, and list the elements of the business bad debt provisions under §166.

 Presentation Method: QAS Self-Study

Category: Taxation

CPE credit: 2 Hours

Program Level: Update

Prerequisites: None

Advance Preparation: None

Exam expiration date: Participants must submit exams for grading within one year from the date of purchase