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2 hours
CTEC IRS NASBA

IRS Revenue Code Section 280 - A Tax Potpourri

Course Description

Webster's Dictionary defines the word potpourri as a collection of different, unrelated things. The U.S. Congress and the Internal Revenue Service have made code section 280 into a potpourri by using it not only as a repository for a myriad of very significant tax provisions, but also as a dumping ground for many trivial ones.

These provisions impact millions of taxpayers. Wealthy and poor individuals, corporations, partnerships, families, personal care corporations, and even illegal drug dealers can get into deep tax trouble if they do not abide by certain provisions.

Topics Covered:

  • Business usage of the home
  • Commuting expenses
  • Day care services
  • Rental from an employee
  • Rentals to family members
  • Demolition of structures
  • Disallowance of deductions when credits are available
  • Expenditures in connection with the illegal sale of drugs-
  • Luxury automobile limitations
  • Limitations on property used for personal purposes
  • Golden parachutes
  • Limitations on amounts paid by personal service corporations electing alternative taxable years

Learning Objectives:

  • Understand the home office deduction
  • Avoid disallowances of commuting expenses
  • Discover proper treatment of family rentals
  • Understand tax planning techniques for golden parachutes

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

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