IRS Approved AFSP Courses
2 hours
Certificate CTEC IRS NASBA

Applying the Tangible Property Regulations

This course covers the application of the tangible personal property regulations that were finalized in 2013 and 2014. The concept of "unit of property" is addressed, as are the types of acquisition and production costs that must be capitalized. Of primary concern is distinguishing deductible repairs from improvements that must be capitalized, and to this end the capitalization categories of betterments, adaptations, and restorations are fully described.

The course also provides practical guidance on the procedures for making accounting method changes, especially those that are required to conform to the final regulations. A table indicating the most common accounting method changes, their assigned change numbers, and legal source will assist practitioners in preparing Form 3115, Application for Change in Accounting Method. In addition, each of the important elections that are available under the new rules is discussed in detail. Calculating the adjustments to income that may be required by an accounting method change is covered, as is the use of general asset accounts.

Duration: 100 minutes
Who Should Attend: All tax practitioners advising individual and business clients
Course Level: Intermediate
Prerequisite: None
Advance Preparation: None
Delivery Method: Self Study - Internet Based
CTEC: 6209-CE-0070
NASBA: 116347
IRS CE: UBWMF-T-00222-21-S
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.

Last Modified: 04/27/2021