Selected Business Expenses

By Danny Santucci

2 CPE Credits

Add to Cart – $58

Course Code

bex2023

Delivery Methods

PDF Book

Course Type

Self-Study

Level

Basic

Estimated Length

100 Minutes

Topics Learning Objectives Description Compliance Instructors

Major Topics

Learning Objectives

Cite the elements of ?162 and the limitations imposed by the not-for-profit provisions stating how these elements and restrictions impact business deductions such as cost of goods sold, leases, taxes, loan points, and interest expense.
Determine the corporate dividends received deduction, identify the cost allocation on the business use of a residence and specify casual-ties, thefts, and research costs in the context of business deductions under ?162.
Recognize methods of amortization for business startup, organizational costs, and ?179 intangibles with the cost depletion methods used on natural resources.
Identify depreciation rules related to ACRS and MACRS, and cite the elements of the business bad debt provisions under ?166.

Course Description

Business expenses are the costs of carrying on a trade or business, and they are usually deductible if the business is operated to make a profit. This mini-course reviews various expenses that businesses may deduct and the requirements that must be met for those expenses to qualify for deduction. Furthermore, practitioners can use this as a guide to determine which of their clients’ taxes are deductible as business expenses.

Compliance Information

Advanced Preparation

None

Field of Study

Taxes

Credits

2 Credits

Published Date

April 14, 2023

Revision Date

February 14, 2024

Course Authors

Explore Danny >>

Danny Santucci

Huntington Beach, CA

Author, Santucci Publishing

Danny earned his Bachelor of Arts in Political Science from the University of California at Irvine in 1969. He received his Juris Doctorate from Boalt Hall School of Law, University of California at Berkeley in 1972, at which time he began practice as a tax attorney in Southern California. His legal career started with the business and litigation firm of Edwards, Edwards, and Ashton. Later he joined the Century City entertainment firm of Bushkin, Gaims, Gaines & Jonas working for many well-known celebrities. In 1980, Danny established the law firm of Santucci, Potter, and Leanders, in Irvine, California. With increasing lecture and writing commitments, Danny went into sole practice in 1995. His practice emphasizes business taxation, real estate law, and estate planning.

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Topics

Overview

Course Details

Major Topics

Learning Objectives

Cite the elements of ?162 and the limitations imposed by the not-for-profit provisions stating how these elements and restrictions impact business deductions such as cost of goods sold, leases, taxes, loan points, and interest expense.
Determine the corporate dividends received deduction, identify the cost allocation on the business use of a residence and specify casual-ties, thefts, and research costs in the context of business deductions under ?162.
Recognize methods of amortization for business startup, organizational costs, and ?179 intangibles with the cost depletion methods used on natural resources.
Identify depreciation rules related to ACRS and MACRS, and cite the elements of the business bad debt provisions under ?166.

Compliance Information

Intended Audience —

Advanced Preparation — None

Field of Study — Taxes

Credits — 2 Credits

IRS Program Number –

Published Date – April 14, 2023

Revision Date – February 14, 2024