E- Selected Business Expenses

E- Selected Business Expenses
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Price: $19.99
Credits: 2.0
Prerequisite: None
Level: Overview
Model: MT007
Author: Danny Santucci
Average Rating: Not Rated
Fields of study: Taxes
Format: PDF


Mini-Course Description:

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.

 

Completion Deadline & Exam: This course, including the examination, must be completed within one year of the date of purchase. In addition, unless otherwise indicated, no correct or incorrect feedback for any exam question will be provided.

 Course Level: Overview. This program is appropriate for professionals at all organizational levels.

 Field of Study: Taxes

Prerequisite: General understanding of federal income taxation.

 Advanced Preparation: None

 

Learning Assignment & Objectives

As a result of studying the assigned materials, you should be able to meet the objectives listed below.

ASSIGNMENT

At the start of the materials, participants should identify the following topics for study:

* Section 162

* Expenses of not-for-profit activities

* Rent expenses

* Interest expense

* Deductible taxes

* Other selected deductible costs

* Amortization

* Depletion -§613

* Business bad debts

* Depreciation

Learning Objectives

After reading the materials, participants will be able to:

1. Cite the elements of §162 and the limitations imposed by the not-for-profit provisions stating how these elements and restrictions impact business deductions such as cost of goods sold, leases, taxes, loan points, and interest expense.

2. Determine the corporate dividends received deduction, identify the cost allocation on the business use of a residence and specify casualties, thefts, and research costs in the context of business deductions under §162.

3. Recognize methods of amortization for business startup, organizational costs, and §179 intangibles with the cost depletion methods used on natural resources.

4. Identify depreciation rules related to ACRS and MACRS, and cite the elements of the business bad debt provisions under §166.

After studying the materials, answer exam questions 1 to 10.

 

Revision Date:  1/10/2024

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants :
Any CPA looking to maintain or enhance their professional competence

Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
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