About this Course
4.9
37 ratings
8 reviews
Specialization
100% online

100% online

Start instantly and learn at your own schedule.
Flexible deadlines

Flexible deadlines

Reset deadlines in accordance to your schedule.
Intermediate Level

Intermediate Level

Hours to complete

Approx. 34 hours to complete

Suggested: 8 weeks of study, 6-8 hours/week...
Available languages

English

Subtitles: English
Specialization
100% online

100% online

Start instantly and learn at your own schedule.
Flexible deadlines

Flexible deadlines

Reset deadlines in accordance to your schedule.
Intermediate Level

Intermediate Level

Hours to complete

Approx. 34 hours to complete

Suggested: 8 weeks of study, 6-8 hours/week...
Available languages

English

Subtitles: English

Syllabus - What you will learn from this course

Week
1
Hours to complete
1 hour to complete

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. ...
Reading
1 video (Total 2 min), 5 readings, 1 quiz
Reading5 readings
A Note from Your Instructor10m
Syllabus15m
About the Discussion Forums10m
Update Your Profile10m
Build a Learning Community with Social Media10m
Quiz1 practice exercise
Orientation Quiz10m
Hours to complete
3 hours to complete

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....
Reading
5 videos (Total 59 min), 2 readings, 6 quizzes
Video5 videos
Overview of Depreciation14m
Using the Depreciation Tables8m
Examples Using the Depreciation Tables7m
Depreciation of Business Use Realty13m
Reading2 readings
Module 1 Overview and Resources10m
IRS Tables15m
Quiz6 practice exercises
Lesson 1.1 Knowledge Check10m
Lesson 1.2 Knowledge Check10m
Lesson 1.3 Knowledge Check10m
Lesson 1.4 Knowledge Check10m
Lesson 1.5 Knowledge Check10m
Module 1 Quiz30m
Week
2
Hours to complete
2 hours to complete

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....
Reading
4 videos (Total 41 min), 1 reading, 5 quizzes
Video4 videos
Section 179 Election15m
Listed Property4m
Luxury Auto Limitations11m
Reading1 reading
Module 2 Overview and Resources10m
Quiz5 practice exercises
Lesson 2.1 Knowledge Check10m
Lesson 2.2 Knowledge Check10m
Lesson 2.3 Knowledge Check10m
Lesson 2.4 Knowledge Check10m
Module 2 Quiz30m
Week
3
Hours to complete
4 hours to complete

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....
Reading
5 videos (Total 38 min), 2 readings, 5 quizzes
Video5 videos
Reporting Cost Recovery on Form 456210m
Depletion13m
Tour of Property A ("Lakeside Restaurant"39s
Tour of Property B ("Hillside Office")1m
Reading2 readings
Module 3 Overview and Resources10m
IRS Table of Class Lives15m
Quiz4 practice exercises
Lesson 3.1 Knowledge Check10m
Lesson 3.2 Knowledge Check10m
Lesson 3.3 Knowledge Check10m
Module 3 Quiz30m
Week
4
Hours to complete
2 hours to complete

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....
Reading
5 videos (Total 53 min), 1 reading, 6 quizzes
Video5 videos
Basis and Realized Gains or Losses7m
Adjusted Basis: Cost Basis11m
Adjusted Basis: Gift Basis14m
Adjusted Basis: Inheritance Basis10m
Reading1 reading
Module 4 Overview and Resources10m
Quiz6 practice exercises
Lesson 4.1 Knowledge Check10m
Lesson 4.2 Knowledge Check10m
Lesson 4.3 Knowledge Check10m
Lesson 4.4 Knowledge Check10m
Lesson 4.5 Knowledge Check10m
Module 4 Quiz30m
4.9
8 ReviewsChevron Right

Top Reviews

By GGDec 23rd 2017

Very informative and nicely presented course about the US taxation regulations. One of my favorites.

Instructors

Avatar

Matthew Hutchens

Lecturer of Accountancy
Department of Accountancy
Avatar

Petro Lisowsky, PhD, CPA

Associate Professor of Accountancy
College of Business: Department of Accountancy
Graduation Cap

Start working towards your Master's degree

This course is part of the 100% online Master of Science in Accountancy (iMSA) from University of Illinois at Urbana-Champaign. If you are admitted to the full program, your courses count towards your degree learning.

About 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. ...

About the U.S. Federal Taxation Specialization

This Specialization introduces the U.S. federal tax system via conceptual and applied material. Learners will be able to apply basic principles to settings involving individuals, corporations, and other business entities, complete key components of major, individual U.S. federal tax returns, and identify tax-related strategies and implications of structuring transactions and organizations....
U.S. Federal Taxation

Frequently Asked Questions

  • Once you enroll for a Certificate, you’ll have access to all videos, quizzes, and programming assignments (if applicable). Peer review assignments can only be submitted and reviewed once your session has begun. If you choose to explore the course without purchasing, you may not be able to access certain assignments.

  • When you enroll in the course, you get access to all of the courses in the Specialization, and you earn a certificate when you complete the work. Your electronic Certificate will be added to your Accomplishments page - from there, you can print your Certificate or add it to your LinkedIn profile. If you only want to read and view the course content, you can audit the course for free.

More questions? Visit the Learner Help Center.