About this Course
4.9
49 ratings
9 reviews

Start working towards your degree

Try out lectures, course readings, and self-paced assignments from the Master of Science in Accountancy (iMSA) degree

100% online

Start instantly and learn at your own schedule.

Flexible deadlines

Reset deadlines in accordance to your schedule.

Intermediate Level

Approx. 34 hours to complete

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

English

Subtitles: English

Start working towards your degree

Try out lectures, course readings, and self-paced assignments from the Master of Science in Accountancy (iMSA) degree

100% online

Start instantly and learn at your own schedule.

Flexible deadlines

Reset deadlines in accordance to your schedule.

Intermediate Level

Approx. 34 hours to complete

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

English

Subtitles: English

Syllabus - What you will learn from this course

Week
1
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. ...
1 video (Total 2 min), 5 readings, 1 quiz
5 readings
A Note from Your Instructor10m
Syllabus15m
About the Discussion Forums10m
Update Your Profile10m
Build a Learning Community with Social Media10m
1 practice exercise
Orientation Quiz10m
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....
5 videos (Total 59 min), 2 readings, 6 quizzes
5 videos
Overview of Depreciation14m
Using the Depreciation Tables8m
Examples Using the Depreciation Tables7m
Depreciation of Business Use Realty13m
2 readings
Module 1 Overview and Resources10m
IRS Tables15m
6 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
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....
4 videos (Total 41 min), 1 reading, 5 quizzes
4 videos
Section 179 Election15m
Listed Property4m
Luxury Auto Limitations11m
1 reading
Module 2 Overview and Resources10m
5 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
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....
5 videos (Total 38 min), 2 readings, 5 quizzes
5 videos
Reporting Cost Recovery on Form 456210m
Depletion13m
Tour of Property A ("Lakeside Restaurant")39s
Tour of Property B ("Hillside Office")1m
2 readings
Module 3 Overview and Resources10m
IRS Table of Class Lives15m
4 practice exercises
Lesson 3.1 Knowledge Check10m
Lesson 3.2 Knowledge Check10m
Lesson 3.3 Knowledge Check10m
Module 3 Quiz30m
Week
4
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....
5 videos (Total 53 min), 1 reading, 6 quizzes
5 videos
Basis and Realized Gains or Losses7m
Adjusted Basis: Cost Basis11m
Adjusted Basis: Gift Basis14m
Adjusted Basis: Inheritance Basis10m
1 reading
Module 4 Overview and Resources10m
6 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
Week
5
2 hours to complete

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 (Total 42 min), 1 reading, 4 quizzes
4 videos
Nontaxable Exchanges and Like-Kind Exchanges: In General10m
Part 1: Like-Kind Exchanges: Boot, Basis, and Holding Period6m
Part 2: Like-Kind Exchange Examples9m
1 reading
Module 5 Overview and Resources10m
4 practice exercises
Lesson 5.1 Knowledge Check10m
Lesson 5.2 Knowledge Check10m
Lesson 5.3 Knowledge Check10m
Module 5 Quiz30m
Week
6
2 hours to complete

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 (Total 48 min), 1 reading, 5 quizzes
4 videos
Involuntary Conversions: Replacement Time Period10m
Involuntary Conversions: Non-recognition Rules13m
Sale of Personal Residence13m
1 reading
Module 6 Overview and Resources10m
5 practice exercises
Lesson 6.1 Knowledge Check10m
Lesson 6.2 Knowledge Check10m
Lesson 6.3 Knowledge Check10m
Lesson 6.4 Knowledge Check10m
Module 6 Quiz30m
Week
7
2 hours to complete

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 (Total 55 min), 1 reading, 4 quizzes
7 videos
Part 1: Introduction to Netting Process5m
Part 2: 3 Key Steps to Netting Process9m
Part 3: Example of Netting Process7m
Part 1: Introduction to §1231 Assets7m
Part 2: Netting Process of §1231 Assets3m
Part 3: Example of Netting Process of §1231 Assets12m
1 reading
Module 7 Overview and Resources10m
4 practice exercises
Lesson 7.1 Knowledge Check10m
Lesson 7.2 Knowledge Check10m
Lesson 7.3 Knowledge Check10m
Module 7 Quiz30m
Week
8
2 hours to complete

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 (Total 36 min), 2 readings, 5 quizzes
4 videos
§1250 Depreciation Recapture8m
Other Items in Netting Process4m
The Net Investment Tax6m
2 readings
Module 8 Overview and Resources10m
Course Wrap-Up10m
5 practice exercises
Lesson 8.1 Knowledge Check10m
Lesson 8.2 Knowledge Check10m
Lesson 8.3 Knowledge Check10m
Lesson 8.4 Knowledge Check10m
Module 8 Quiz30m
4.9
9 ReviewsChevron Right

Top Reviews

By SVJan 30th 2019

This course is very good starting point for obtaining an understanding of the Depreciation rules/ Asset classes employed

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

Get a head start on your degree

This course is part of the 100% online Master of Science in Accountancy (iMSA) from University of Illinois at Urbana-Champaign. Start an open course or Specialization today to watch courses featuring iMBA faculty and complete self-paced assignments. When you complete each course, you’ll earn a certificate that you can add to your LinkedIn and resume. If you apply and 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

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  • 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.

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