Explain the concept of basis and adjusted basis and describe the cost recovery methods used under the tax law to recover the cost of personal property, real property, intangible assets, and natural resources. (CO # 1).

  • Explain the concept of basis and adjusted basis and describe the cost recovery methods used under the tax law to recover the cost of personal property, real property, intangible assets, and natural resources. (CO # 1).
  • Determine the applicable cost recovery (depreciation) life, method, and convention for tangible personal and real property and calculate the deduction allowable under basic MACRS.(CO # 3).
  • Explain the additional special cost recovery rules (§179, bonus, listed property) and calculate the deduction allowable under these rules. (CO # 3).
  • Explain the rationale behind amortization, describe the four categories of amortizable intangible assets, and calculate amortization expense. (CO # 1).
  • Explain cost recovery of natural resources and the allowable depletion methods. (CO # 7).

 

Chapter 11: Property Dispositions

Aligns with Course Objectives # 1, 2 and 7.

  • Calculate the amount of gain or loss recognized on the disposition of assets used in a trade or business. (CO # 2).
  • Describe the general character types of gain or loss recognized on property dispositions. (CO # 1).
  • Explain the rationale for and calculate depreciation recapture. (CO # 1).
  • Describe the tax treatment of unrecaptured §1250 gains and determine the character of gains on property sold to related persons. (CO # 1).
  • Describe the tax treatment of §1231 gains or losses, including the §1231 netting process. (CO # 1).
  • Explain common exceptions to the general rule that realized gains and losses are recognized currently. (CO # 7).

Chapter 12: Compensation

Aligns with Course Objective # 2.

 

  • Discuss and explain the tax  implications of compensation in the form of salary and wages from the employee’s and employer’s perspectives.
  • Describe and distinguish the tax implications of various forms of equity-based compensation from the employer’s and employee’s perspectives.
  • Compare and contrast taxable and nontaxable fringe benefits and explain the employee and employer tax consequences associated with fringe benefits.

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