Section 179 and Bonus Depreciation examines the rules applicable to claiming §179 and special depreciation allowance—bonus depreciation, in other words—along with a discussion of IRS Form 4562 used to claim both accelerated depreciation deductions.
Upon completion of this course, you should be able to:
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Explain the rules applicable to and the property eligible to claim the §179 deduction and special depreciation allowance;
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Calculate the §179 deduction for businesses exceeding the phaseout threshold;
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Identify the similarities and differences between the special depreciation allowance and the §179 deduction;
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Recognize the records that must be kept by a business claiming the §179 deduction and special deduction allowance; and
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Describe the circumstances under which a taxpayer must complete and file an IRS Form 4562.
