Informações sobre o curso: This course examines the U.S. federal tax system as it relates to property transactions of business owners and shareholders. Topics include cost recovery, such as depreciation, amortization, and depletion; calculation of realized versus recognized gains and losses; evaluation of the potential tax effects of nontaxable exchanges; and the combining, or netting, gains and losses that are different in nature. Assignments facilitate self-discovery of knowledge and development of a variety of professional skills.
Para quem é direcionado este curso: This course is designed for learners who want to obtain an introductory knowledge of US Federal Taxation as it relates to business owners and shareholders. While the foundations laid in this course are critical for those who seek a career within the accounting profession, they are essential for all who are in the field of business as taxes are often the largest single expense of most companies! Upon completion of this course you should have a good understanding of the theoretical and technical aspects of property transactions and the taxation of gains and losses relevant to business owners and shareholders.
Desenvolvido por: University of Illinois at Urbana-Champaign
Ministrado por: Matthew Hutchens, Lecturer of Accountancy
Department of AccountancyMinistrado por: Petro Lisowsky, PhD, CPA, Associate Professor of Accountancy
College of Business: Department of Accountancy
| Informações básicas | Curso 2 de 5 no U.S. Federal Taxation Specialization |
| Nível | Intermediário |
| Compromisso | 8 weeks of study, 6-8 hours/week |
| Idioma | English |
| Como ser aprovado | Seja aprovado em todas as tarefas para concluir o curso. |
| Classificação do usuário |
Conclua este curso para chegar mais perto de:
Programa de cursos integrados U.S. Federal Taxation
Este curso faz parte do Programa de cursos integrados U.S. Federal Taxation de 5 cursos do University of Illinois at Urbana-Champaign
Master of Science in Accountancy (iMSA)
Este curso faz parte do programa de graduação 16 eight-week courses totalmente on-line
Programa
SEMANA 1
INTRODUCTION TO THE COURSE
In this module, you will become familiar with the course, your instructor and your classmates, and our learning environment. This orientation will also help you obtain the technical skills required to navigate and be successful in this course.
1 vídeos, 5 leituras, 1 teste para praticar
- Reading: A Note from Your Instructor
- Reading: Syllabus
- Reading: About the Discussion Forums
- Practice Quiz: Orientation Quiz
- Reading: Update Your Profile
- Discussion Prompt: Get to Know Your Classmates
- Reading: Build a Learning Community with Social Media
Module 1 Cost Recovery: Depreciation
In this module, you will be introduced to concepts of cost recovery used by U.S. Taxpayers. The nature of property will be discussed designating the difference between realty and personalty. The Modified Accelerated Cost Recovery System (MACRS) will be explained along with its classification of both real and personal assets as well as applicable conventions used in depreciating property. Finally, learners will discover how to use the tax depreciation tables to aid in the determination of allowable cost recovery deductions.
5 videos, 2 leituras, 5 testes para praticar
- Reading: Module 1 Overview and Resources
- Discussion Prompt: Most Commonly Asked Tax Questions
- Practice Quiz: Lesson 1.1 Knowledge Check
- Vídeo: Overview of Depreciation
- Practice Quiz: Lesson 1.2 Knowledge Check
- Vídeo: Using the Depreciation Tables
- Reading: IRS Tables
- Practice Quiz: Lesson 1.3 Knowledge Check
- Vídeo: Examples Using the Depreciation Tables
- Practice Quiz: Lesson 1.4 Knowledge Check
- Vídeo: Depreciation of Business Use Realty
- Practice Quiz: Lesson 1.5 Knowledge Check
Nota atribuída: Module 1 Quiz
SEMANA 2
Module 2 Depreciation: Accelerated Depreciation and Listed Property
In this module, you will take a deeper dive into concepts of cost recovery used in the U.S. Federal tax structure. This deeper dive begins with a discussion about the two different types of additional first year depreciation, known as Section 179 depreciation and "bonus" depreciation. Next, you will learn about listed property, which faces limitations on the deductibility.
4 videos, 1 leituras, 4 testes para praticar
- Reading: Module 2 Overview and Resources
- Practice Quiz: Lesson 2.1 Knowledge Check
- Vídeo: Section 179 Election
- Practice Quiz: Lesson 2.2 Knowledge Check
- Vídeo: Listed Property
- Practice Quiz: Lesson 2.3 Knowledge Check
- Vídeo: Luxury Auto Limitations
- Practice Quiz: Lesson 2.4 Knowledge Check
Nota atribuída: Module 2 Quiz
SEMANA 3
Module 3 Amortization and Depletion
In this module, you will take a look at the remaining concepts of cost recovery used in the U.S. Federal tax structure. In the previous module, you learned about depreciation taken on tangible personal and real property. In this module, you will learn how intangible personal and real property costs are recovered through amortization, and which kinds of intangible property are eligible to be amortized. You will also learn how natural resource costs are recovered through depletion deductions. Finally, you will learn about the non-deductibility of start-up expenditures and their amortization.
5 videos, 2 leituras, 3 testes para praticar
- Reading: Module 3 Overview and Resources
- Practice Quiz: Lesson 3.1 Knowledge Check
- Vídeo: Reporting Cost Recovery on Form 4562
- Practice Quiz: Lesson 3.2 Knowledge Check
- Vídeo: Depletion
- Practice Quiz: Lesson 3.3 Knowledge Check
- Vídeo: Tour of Property A ("Lakeside Restaurant"
- Vídeo: Tour of Property B ("Hillside Office")
- Reading: IRS Table of Class Lives
Nota atribuída: Module 3 Quiz
Nota atribuída: Peer Review Assignment: Cost Segregation
SEMANA 4
Module 4 Property Transactions: Gains, Losses, and Adjusted Basis
In this module, you will take a deep dive into property transactions, specifically disposals, and their tax consequences under U.S. federal tax law. First, we’ll begin by discussing the economic concept of amount realized. Next, we’ll discuss differences between the amount and gains or losses realized versus recognized, such as deferred or postponed gains and disallowed losses. Last, we’ll discuss the three main ways property basis is established, namely cost basis, gift basis, and inheritance basis.
5 videos, 1 leituras, 5 testes para praticar
- Reading: Module 4 Overview and Resources
- Practice Quiz: Lesson 4.1 Knowledge Check
- Vídeo: Basis and Realized Gains or Losses
- Practice Quiz: Lesson 4.2 Knowledge Check
- Vídeo: Adjusted Basis: Cost Basis
- Practice Quiz: Lesson 4.3 Knowledge Check
- Vídeo: Adjusted Basis: Gift Basis
- Practice Quiz: Lesson 4.4 Knowledge Check
- Vídeo: Adjusted Basis: Inheritance Basis
- Practice Quiz: Lesson 4.5 Knowledge Check
Nota atribuída: Module 4 Quiz
SEMANA 5
Module 5 Property Transactions: Gains, Losses, and Like-Kind Exchanges
In this module, you will learn about unique property transactions where gains and/or losses are deferred. First, we’ll discuss circumstances where certain losses on the disposal of property are not allowed to be recognized. Next, we’ll discover what wash sales are and the dates that determine whether or not the losses can be recognized. Next, we’ll discuss a type of non-taxable exchange called “like-kind exchange,” which allows properties to be exchanged with no tax recognition, and the rules governing its tax deferred status. Next, we’ll discuss specific circumstances where part of the non-taxable transaction actually becomes taxable due to receipt of non-like-kind property, called boot. Last, we’ll talk about what basis the newly exchanged property should have, and what the holding period should be.
4 videos, 1 leituras, 3 testes para praticar
- Reading: Module 5 Overview and Resources
- Practice Quiz: Lesson 5.1 Knowledge Check
- Vídeo: Nontaxable Exchanges and Like-Kind Exchanges: In General
- Practice Quiz: Lesson 5.2 Knowledge Check
- Vídeo: Part 1: Like-Kind Exchanges: Boot, Basis, and Holding Period
- Vídeo: Part 2: Like-Kind Exchange Examples
- Practice Quiz: Lesson 5.3 Knowledge Check
Nota atribuída: Module 5 Quiz
SEMANA 6
Module 6 Property Transactions: Involuntary Conversions and Tax-Free Gains
In this module, we continue our discussion regarding non-taxable exchanges and discuss involuntary conversions. You will learn the earliest and latest dates to involuntarily exchange an asset after a casualty loss or condemnation. Next, we discuss paths for conversion, direct and indirect, and their tax consequences. We discuss two tests governing the non-recognition rules, specifically the functional use test and the taxpayer use test. Last, we discuss the rules governing the non-taxation of the sale of a taxpayer’s primary residence.
4 videos, 1 leituras, 4 testes para praticar
- Reading: Module 6 Overview and Resources
- Practice Quiz: Lesson 6.1 Knowledge Check
- Vídeo: Involuntary Conversions: Replacement Time Period
- Practice Quiz: Lesson 6.2 Knowledge Check
- Vídeo: Involuntary Conversions: Non-recognition Rules
- Practice Quiz: Lesson 6.3 Knowledge Check
- Vídeo: Sale of Personal Residence
- Practice Quiz: Lesson 6.4 Knowledge Check
Nota atribuída: Module 6 Quiz
SEMANA 7
Module 7 Property Transactions: Character and Recapture
In this module, we discuss the character and applicable tax rates for gains and losses on the disposal of property. Gains and losses are categorized into ordinary, Section 1231, and long-term capital “preferential” rates. Next, the importance of the holding period and its determination of whether an asset is designated as short-term versus long-term is discussed. The netting of gains and losses from different characterizations is discussed. Last, we discuss what a Section 1231 asset is and how it gets treated in the netting process.
7 videos, 1 leituras, 3 testes para praticar
- Reading: Module 7 Overview and Resources
- Practice Quiz: Lesson 7.1 Knowledge Check
- Vídeo: Part 1: Introduction to Netting Process
- Vídeo: Part 2: 3 Key Steps to Netting Process
- Vídeo: Part 3: Example of Netting Process
- Practice Quiz: Lesson 7.2 Knowledge Check
- Vídeo: Part 1: Introduction to §1231 Assets
- Vídeo: Part 2: Netting Process of §1231 Assets
- Vídeo: Part 3: Example of Netting Process of §1231 Assets
- Practice Quiz: Lesson 7.3 Knowledge Check
Nota atribuída: Module 7 Quiz
SEMANA 8
Module 8 Property Transactions: Depreciation Recapture
In this module, you will take a deeper dive into two categories within Section 1231 assets, Section 1245 assets and Section 1250 assets. You will learn about both depreciation recapture and depreciation unrecapture, and the varying special tax rates for gains that are recaptured or unrecaptured. Last, you will discover how other gains and losses fit into the netting process.
4 videos, 2 leituras, 4 testes para praticar
- Reading: Module 8 Overview and Resources
- Practice Quiz: Lesson 8.1 Knowledge Check
- Vídeo: §1250 Depreciation Recapture
- Practice Quiz: Lesson 8.2 Knowledge Check
- Vídeo: Other Items in Netting Process
- Practice Quiz: Lesson 8.3 Knowledge Check
- Vídeo: The Net Investment Tax
- Practice Quiz: Lesson 8.4 Knowledge Check
- Reading: Course Wrap-Up
- Discussion Prompt: Final Reflection: What Will You Do With It?
Nota atribuída: Module 8 Quiz
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University of Illinois at Urbana-Champaign
The University of Illinois at Urbana-Champaign is a world leader in research, teaching and public engagement, distinguished by the breadth of its programs, broad academic excellence, and internationally renowned faculty and alumni. Illinois serves the world by creating knowledge, preparing students for lives of impact, and finding solutions to critical societal needs.
Custo
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| Acesso aos materiais do curso | Disponível |
| Acesso a materiais valendo nota | Disponível |
| Receba uma nota final | Disponível |
| Obtenha um Certificado de Curso compartilhável | Disponível |
Classificações e avaliações
The course content was great and the instructor presented things very clearly.
However, there were a lot of mistakes in the quizzes and knowledge checks, which could at times be quite confusing and frustrating. I reported the errors and hope that they will be fixed in time.
In sum, I highly recommend taking the course if you have use for knowledge of tax accounting.
good instructor
Once again, Professor Lisowsky has made very complex topics extremely clear and enjoyable. This course covered two generally complex but common topics in taxation - depreciation and capital gains/losses. To master these areas,one first needs to understand the principles. Professor Lisowsky is an expert at explaining complex tax laws. Second, one needs lots of practice. There are tons of questions provided in the course that serve to reinforce the concepts. Overall, the design , structure, and content of this course is par excellent.
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Congratulations
Excelent course
federal Taxation
Transactions