Repair Regulations: An Intensive Study With Susan Smith [CUST ANC]

Sep 19, 2016
Time: 8:30 am-4:30 pm



Credit Hours:



Member: $295.00
Non-member: $445.00

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Discussion Leader:

Susan Smith, CPA    more info

Susan Smith manages her own firm specializing in tax planning for individuals and business owners and is also a frequent speaker at tax conferences. Smith was a Senior Manager in the tax departments of Price Waterhouse and Peat Marwick (the predecessor of KPMG). While at Price Waterhouse, she also held the national specialist designation for the real estate and partnership tax practices. During her time at Peat Marwick, Smith led the real estate and tax practices locally. She was an associate adjunct professor at Widener University in the master's taxation program. Her ratings have consistently exceeded 4.7 on a scale of 5.0. Smith is a two-time recipient of the James L. McCoy Discussion Leader of the Year Award for excellence in teaching. Smith earned her Bachelor of Business Administration degree with an accounting concentration, from the University of Toledo.

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Website registration for this course closes on September 12, 2016. To register after this date please contact the society at or 907-562-4334.

Full Description

Repair Regulations: An Intensive Study With Susan Smith (CUST ANC)

September 19, 2016

BP Energy Center
900 East Benson Boulevard
Anchorage, AK

For registrations received less than 21 days from the course date will be charged a late fee of $50 for each 8 hour course and $25 for each 4 hour course.

All tax practitioners confront the expense or capitalize question over and over again when advising clients and preparing returns. In 2013, the IRS issued final repair regulations (now in effect) that all tax practitioners must be fully conversant with to proficiently address issues involving expense versus capitalization. As the IRS stated in the preamble to the regulations, they affect all taxpayers owning property depreciable under the MACRS system. In this intensive study of the final repair regulations, nationally known tax planning expert Susan Smith will lead attendees step by step through critical issues in the regulations and the preamble, delivering an in-depth understanding of the technical and practical implications.

Major Topics:
Deducting and/or capitalizing materials and supplies
Tax treatment of rotable, temporary, and emergency spare parts
Safe harbor expenditures for small taxpayers owning qualified real property
De minimis expensing rules for taxpayers with and without applicable financial statements
Repairs: What they are and when they can be expensed rather than capitalized
Capitalizing and expensing expenditures associated with owning real estate
How to make elections under these regulations
Dispositions of structural components of real property

Learning Objectives:
Understand how the final regulations apply to the expense/capitalize question
Help business clients determine whether to capitalize or expense tangible property which they have acquired or produced
Understand how to make elections authorized under the regulations

Designed For: Tax practitioners who need an in-depth understanding of the final repair regulations and their technical and practical impacts.

CPE Credits: 8, Taxation

Level of Knowledge: Intermediate

Prerequisite: Some experience in tax preparation and tax planning, and a working knowledge of depreciation and capitalization principles.

Acronym: CUST ANC

Discussion Leader: Susan Smith, CPA