Depreciation Quickfinder® Handbook
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Depreciation Quickfinder® Handbook
The only Handbook you need to deal with depreciation and other transactions involving business or rental property.
QDE

2009 Tax Edition

If you prepare returns for businesses, sole proprietors, or owners of rental or investment property, the Depreciation Quickfinder® Handbook will save you time and headaches—Quick answers to all your depreciation and business property questions!

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The only Handbook you need to deal with depreciation and other transactions involving business or rental property. It explains how to determine the MACRS recovery period, compute the right amount of depreciation, decide whether expenditures need to be capitalized, deal with the special rules for autos and other listed property, claim the Section 179 deduction, and more! Includes:

  • Tables and charts telling you exactly how to handle specific assets and expenditures and find the quickest way to write off your client?s assets.
  • Coverage of property dispositions, including tricky tax rules related to installment sales, like-kind exchanges and depreciation recapture.
  • Loads of easy-to-read depreciation tables for MACRS (including regular tax, AMT and straight-line) and ACRS.
  • Coverage of prior-year depreciation rules, limitation amounts, etc., to help you prepare amended returns and returns for late filers. .
  • Walk-through of the rules for correcting prior year depreciation errors (like catching up understated depreciation) including a filled-in sample IRS Form 3115.

Also ideal for the corporate tax accountant!
 

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Tab 1: Depreciable Property
What Is Depreciable Property?, Leased Property, Repairs vs. Capitalized Costs, Capitalization Policies, Depreciable Basis, Property Acquired By Purchase, Example of a Closing Statement—Purchase of a Rent House, Property Converted From Personal Use, Inherited Property, Property Acquired as a Gift, Property Acquired in Tax-Free Transactions, Quick Chart of Selected Assets

Tab 2: MACRSp
MACRS General Rules, Depreciation Methods Alternative Depreciation System (ADS), Assigning the Recovery Period, Conventions, Placed In and Taken Out of Service, Alternative Minimum Tax (AMT) Depreciation, Adjusted Current Earnings (ACE)—C Corporations, Farm Property, Short Tax Years, Special (Bonus) Depreciation Allowance, State Conformity—Special Depreciation, Qualified Disaster Assistance Property, Qualified Kansas Disaster Area Property, New York (NY) Liberty Zone Property, General Asset Accounts, Changes in an Asset?s Use

Tab 3: Other Depreciation Methods
Accelerated Cost Recovery System (ACRS), Alternate ACRS Method (Modified Straight-Line) Method, ACRS Deductions in Short Tax Years, Other Depreciation Methods, Assets Placed in Service Before 1981, ACRS Table 1—Three-Year Property, ACRS Table 2—Five-Year Property, ACRS Table 3—10-Year Property, ACRS Table 4—15-Year Real Property, ACRS Table 5—Low-Income Housing, ACRS Table 6—Low-Income Housing, ACRS Table 7—18-Year Real Property, ACRS Table 8—18-Year Real Property, ACRS Table 9—19-Year Real Property, ACRS Table 10—18-Year Alternate (Straight-Line) ACRS, 18-Year Real Property, ACRS Table 11—18-Year Alternate (Straight-Line) ACRS, 18-Year Real Property, ACRS Table 12—35-Year Alternate (Straight-Line) ACRS, 18-Year Real Property, 15-Year Real Property and Low-Income Housing, ACRS Table 13—35-Year Alternate (Straight-Line) ACRS, 18-Year Real Property, ACRS Table 14—35-Year Alternate (Straight-Line) ACRS, Low-Income Housing, ACRS Table 15—19-Year Alternate (Straight-Line) ACRS, 19-Year Real Property, ACRS Table 16—35-Year Alternate (Straight-Line) ACRS, 19-Year Real Property, ACRS Table 17—45-Year Alternate (Straight-Line) ACRS, 15-Year Real Property, 18-Year Real Property and Low-Income Housing, ACRS Table 18—45-Year Alternate (Straight-Line) ACRS, 18-Year Real Property and 19-Year Real Property

Tab 4: MACRS Depreciation Tables
Table 1—Three-Year MACRS, Table 2—ive-Year MACRS, Table 3—Seven-Year MACRS, Table 4—10-Year MACRS, Table 5—15-Year MACRS, Table 6—20-Year MACRS, Table 7—MACRS Residential Rental Property—(27.5-Year), Table 8—MACRS Nonresidential Real Property—(31.5-Year), Table 9—MACRS Nonresidential Real Property—(39-Year), Table 10—150% Declining Balance—All Lives—Half-Year Convention, Table 11—150% Declining Balance—All Lives—Mid-Quarter Convention, Property Placed in Service 1st Quarter, Table 12—150% Declining Balance—All Lives—Mid-Quarter Convention, Property Placed in Service 2nd Quarter, Table 13—150% Declining Balance—All Lives—Mid-Quarter Convention, Property Placed in Service 3rd Quarter, Table 14—150% Declining Balance—All Lives—Mid-Quarter Convention, Property Placed in Service 4th Quarter, Table 15—Straight—Line—All Lives—Half-Year Convention, Table 16—Straight—Line—All Lives—Mid-Quarter Convention, Property Placed in Service 1st Quarter, Table 17—Straight—Line—All Lives—Mid-Quarter Convention, Property Placed in Service 2nd Quarter, Table 18—Straight—Line—All Lives—Mid-Quarter Convention, Property Placed in Service 3rd Quarter, Table 19—Straight—Line—All Lives—Mid-Quarter Convention, Property Placed in Service 4th Quarter, Table 20—Straight—Line—40—Year—Mid-Month Convention, Table 21—MACRS with Special (Bonus) Depreciation—All Lives—Half-Year Convention, Table 22—MACRS with Special (Bonus) Depreciation—All Lives—Mid-Quarter Convention, Property Placed in Service 1st Quarter, Table 23—MACRS with Special (Bonus) Depreciation—All Lives—Mid-Quarter Convention, Property Placed in Service 2nd Quarter, Table 24—MACRS with Special (Bonus) Depreciation—All Lives—Mid-Quarter Convention, Property Placed in Service 3rd Quarter, Table 25—MACRS with Special (Bonus) Depreciation—All Lives—Mid-Quarter Convention, Property Placed in Service 4th Quarter

Tab 5: Section 179 Expensing
Expensing Assets under Section 179, Annual Dollar Limit, Investment Limit, Increased Limits for Targeted Areas, Business Taxable Income Limit, Pass-Through Entities, Recapture, What Property Qualifies?, Election, Advantages of Section 179 Deduction, State Conformity—Section 179 and Special Depreciation

Tab 6: Vehicles and Listed Property
Business Vehicles—Quick Facts, Special Rules for Listed Property, Business Use Requirement for Listed Property, Limits on Vehicle Depreciation, Section 179 Expensing Rules, Standard Mileage Rates vs. Actual Costs, Leased Vehicles, Alternative Motor Vehicle Tax Credit, Credits for Plug-in Vehicles, Lease Income Inclusion Tables—Leased in 2009 and 2008, Lease Income Inclusion Tables—Leased in 2007 and 2006, Lease Income Inclusion Tables—Electric Autos

Tab 7: Real Property
What Is Real Property?, Open-Air Parking Structures, Billboards, Gas Stations and Convenience Stores, Farm Buildings, Business Use of Home, Land Improvements, Energy-Efficient Commercial Building Deduction, Builders of Energy-Efficient New Homes Credit, Nonbusiness Energy Property Credit, Residential Energy Efficient Property Credit, Leasehold Improvements, Finding Personal Property Included in a Building?s Cost (Cost Segregation), Quick List—Court Cases on Real vs. Personal Property, Guide to Assets Used in Casino/Hotel Industry, Guide to Assets Used in the Restaurant Industry, Guide to Assets Used in a Retail Business, Guide to Assets Used in the Biotech/Pharmaceutical Industry, Guide to Assets Used in the Auto Dealership Industry

Tab 8: Sales and Dispositions
Disposing of Business Assets (Section 1231 Transactions), Depreciation Recapture, Section 1245 Depreciation Recapture, Section 1250 Depreciation Recapture, Other Recapture Events, Sales of Depreciable Real Property, Installment Sales, Borrower?s Property Is Foreclosed or Repossessed, Reposessing Personal Property, Foreclosing on Seller-Financed Real Estate

Tab 9: Exchanging Property
Like-Kind Exchanges, Held for Business or Investment Use, What Is Like-Kind Property?, Recognizing Gain on an Exchange, Basis and Holding Period of Property Received, Depreciating Property After a Like-Kind Exchange, Exchanging Property Subject to Debt, Deferred Exchanges, Qualified Intermediaries, Multi-Party Exchanges, Like-Kind Exchange Example and Filled-In Form 8824, Involuntary Conversions, Condemned Real Estate, Exchanging Life Insurance and Annuity Contracts

Tab 10: Correcting Depreciation Errors
Making Depreciation Changes, Depreciation as an Accounting Method, Requesting an Accounting Method Change, Section 481(a) Adjustments, Depreciation Changes for Disposed Assets, Changing Special (Bonus) Depreciation, Errors Corrected on an Amended Return, Example—Change in Accounting Method, Sample Filled-in Form 3115, Form 3115 Instructions

Tab 11: Intangible Assets
Amortizable Intangibles, Depreciable Intangibles, Section 197 Intangibles, Amortizing Section 197 Assets, Disposing of Section 197 Assets, Computer Software, Intangible Drilling Costs, Business Start-Up Costs, Organizational Costs, Geological and Geophysical Costs, Reforestation Costs, Research and Experimental Expenditures, Income Forecast Method

Tab 12: IRS Materials
Revenue Procedure 87-56, Class Lives and Recovery Periods, Revenue Procedure 2007-16, Methods of Accounting—Automatic Consent Procedures, Excerpts from Revenue Procedure 2008-52, Methods of Accounting—Automatic Consent Procedures, Excerpts from Revenue Procedure 2009-39, Methods of Accounting—Automatic Consent Procedures, Form 4562, Depreciation and Amortization, Form 4797, Sales of Business Property, Form 4797, Instructions, Form 6252, Installment Sale Income, Form 8824, Like-Kind Exchanges

Tab 13: New Law and Glossary
Tax Legislation, Tax Law Changes Affecting Business Assets, Disaster-related Relief, Glossary

Tab 14: Index
Easy-to-use Topical Index

Depreciation: MACRS

OVERVIEW

COURSE DESCRIPTION: This course will allow a user to gain a thorough, practical understanding of ACRS, MACRS, and ADS. Follow examples calculating alternative minimum tax depreciation and luxury automobile caps on annual cost recovery.
EFFECTIVE DATE: October 2008
RECOMMENDED FOR: Users of the Quickfinder® Depreciation Handbook
PREREQUISITE/ADVANCE PREPARATION:None
CPE CREDIT: 8 QAS Hours, 8 Registry Hours, 8 CTEC Federal Hours, and 0 CTEC California Hours

Check with the state board of accountancy in the state in which you are licensed to determine if they participate in the QAS program and allow QAS CPE credit hours. Alternatively, you may visit the NASBA website at www.nasba.org for a listing of states that accept QAS hours. For those states that do not accept QAS hours, Registry hours should be reported.

Enrolled Agents: This course is designed to enhance
professional knowledge for Enrolled Agents. Gear Up is a
qualified CPE Sponsor for Enrolled Agents as required by
Circular 230 Section 10.6(g)(2)(ii).

FIELD OF STUDY: Taxes
EXPIRATION DATE: Postmarked by November 30, 2009
KNOWLEDGE LEVEL: Basic

LEARNING OBJECTIVES
Lesson 1—Depreciation of Tangibles

  • Describe costs that are capitalized and recovered through depreciation or amortization.
  • Calculate depreciation allowed or allowable.

Lesson 2—MACRS: Recovery Periods and Modifying Conventions

  • Describe recovery periods and modifying conventions.
  • Apply modifying conventions.

Lesson 3—Allowable Depreciation Methods and the IRS Optional Tables

  • Identify allowable depreciation methods.
  • Use the IRS optional tables and those allowed in subsequent years.

Lesson 4—More on Using the IRS Optional Tables

  • Use the IRS optional tables with early disposition of real, mid-quarter, and half-year properties.
  • Utilize a general asset account, calculate gain or loss on dispositions, and properly delete items from a GAA.

Lesson 5—Alternative Depreciation System and Alternative Minimum Tax

  • Describe property excluded from MACRS.
  • Compute depreciation for the Alternative Minimum Tax (AMT) and Alternative Depreciation System (ADS).

Lesson 6—Short Tax Years and IRC Section 179

  • Identify MACRS deductions in a short tax year.
  • Describe IRC Section 179 property.

Lesson 7—Adjustments to Basis, Luxury (Passenger) Automobiles, Light Vans and Trucks, Listed Property and Changes in Use

  • Identify the limitations on cost recovery, passenger automobile and light vans and trucks.
  • Define listed property.

Lesson 8—Amortization of Intangibles

  • Compute amortization of start-up and organizational costs and intangible property in general.
  • Describe IRC Section 197 intangibles.

TO COMPLETE THE LEARNING PROCESS
Send your completed Examination for CPE Credit Answer Sheet Course Evaluation, and payment to:
Thomson Reuters
DDET08 Self-Study CPE
P.O. Box 966
Fort Worth, TX 76101

See the test instructions included with the course materials for more information.

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