Use Landscape to see Search/Filter
Item Types:
Field of Study:
CPE Hours:
Hide left panel Collapse Menu
Show left panel
Recent Searches
No recent searches found.
Similar Courses
Suggested Courses
Recent Searches
No recent searches found.
Similar Courses
Suggested Courses
Course Details

Selected Business Expenses - Tax Mini Course (Course Id 126)

Updated / QAS / Registry / EA
  Add to Cart 
Author : Danny C Santucci, JD
Course Length : Pages: 28 ||| Review Questions: 10 ||| Final Exam Questions: 10
CPE Credits : 2.0
IRS Credits : 2
Price : $17.95
Passing Score : 70%
Course Type: NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents
Technical Designation: Technical
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 126

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 business tax 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.

Usage Rank : 19688
Release : 2023
Version : 1.0
Prerequisites : General understanding of federal income taxation.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 21-Jun-2023
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 126

Keywords : Taxes, Selected, Business, Expenses, Tax, Mini, Course, cpe, cpa, online course
Learning Objectives :

As a result of studying the assigned materials, you should be able to meet the objectives listed below.


At the start of the materials, participants should identify the following topics for study:

    * Section 162
    * Expenses of not-for-profit activities
    * Rent expenses
    * Interest expense
    * Deductible taxes
    * Other selected deductible costs
    * Amortization
    * Depletion -613
    * Business bad debts
    * Depreciation
Learning Objectives:

After reading the materials, participants will be able to:
    1. 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.
    2. Determine the corporate dividends received deduction, identify the cost allocation on the business use of a residence and specify casualties, thefts, and research costs in the context of business deductions under 162.
    3. Recognize methods of amortization for business startup, organizational costs, and 179 intangibles with the cost depletion methods used on natural resources.
    4. Identify depreciation rules related to ACRS and MACRS, and cite the elements of the business bad debt provisions under 166.
Course Contents :

Chapter 1 - Selected Business Expenses


Section 162

Cost of Goods Sold - 61

Capital Expenses - 263

Cost Recovery Depreciation - 168

Personal vs. Business Expenses

At-Risk Amounts - 465

Passive Losses - 469

Net Operating Loss - 172

Creation of an NOL

Individual NOLs



Corporate NOLs

Timing of Expense Deduction

Economic Performance - 461

Prepayment of Expenses

Contested Liability

Related Person - 267

Expenses of Not-for-Profit Activities - 183

Presumption of Profit

Using the Presumption Later

Limit on Deductions

Partnerships & S Corporations

More Than One Activity

Rent Expenses

Rent Paid In Advance

Lease vs. Sale

Leveraged Leases

Leveraged Leases of Limited-Use Property

Leases Over $250,000 - 467

Taxes on Leased Property

Cost of Getting a Lease

Options to Renew

Cost of a Modification Agreement

Commissions, Bonuses, & Fees

Loss on Merchandise & Fixtures

Leasehold Improvements - 168

Assignment of a Lease

Capitalizing Rent Expenses - 263A

Interest Expense - 163

Business Interest - 162

Interest Paid In Advance

Mortgage Interest

Prepayment Penalty

Points - 461

Interest on Installment Purchases - 483 & 1271

Nondeductible Interest

Interest on Income Tax Owed


Commitment Fees & Service Charges

Capitalized Interest

Production Period

Traced Debt

Avoided Cost Debt

When Interest Is Paid or Incurred

Partnerships & S Corporations

Interest on Insurance Policy Loans - 264

Single Premium Life Insurance

Systematic Plan of Borrowing

Key Person Insurance

Deductibility of Premiums & Interest on Life Insurance

Existing Interest on Purchase

Corporate Acquisition Interest

Deductible Taxes

Tax Refunds

Change in Date of Tax Accrual

Real Estate Taxes

Local Benefits

State & Local Income Taxes

Foreign Income Taxes

Employment Taxes

Unemployment Fund Taxes

Self-employment Tax

Other Taxes

Business Casualty & Theft Losses - 165

Proof of Loss

Amount of Loss


Dividends Received Deduction - 243

Dividends from Domestic Corporations

65% Exception



Other Selected Deductible Costs

Home-Office Deduction - 280A

Requirements - 280A

Non-Exclusive Use Exceptions

Income Limitation

Home Office Deduction After 1998

Research & Experimental Cost Deduction - 174(a)



Costs Not Included

When & How to Choose

Business Start-Up & Organizational Costs 195

How to Make the Choice

Carrying Charges

Retired Asset Removal Costs

Barrier Removal Costs

Deduction Limit


Deducting Amortization

Start-Up Costs - 195

Amortization Period

Qualifying Costs

Purchasing an Active Trade or Business

Corporate Organizational Costs - 248

Qualifying Costs

Nonqualifying Costs

Partnership Organizational Costs - 709

Qualifying Costs

Partnership Liquidation

Costs of Obtaining a Lease

Intangibles - 197

Section 197 Intangibles Defined


Going Concern Value

Workforce in Place, Etc.

Business Books & Records, Etc.

Patents, Copyrights, Etc.

Customer-Based Intangible

Supplier-Based Intangible

Government-Granted License, Permit, Etc.

Covenant Not To Compete

Franchise, Trademark, or Trade Name

Professional Sports Franchise

Contract for the Use of, or a Term Interest in, a 197 Intangible

Research & Experimental Cost Amortization - 174(f)

Optional write-off method - 59

Amortizable Costs - 174


Depletion - 613

Cost Depletion

Basis for Depletion

Total Recoverable Units

Number of Units Sold

Determining the Cost Depletion Deduction

Percentage Depletion

Gross Income

Taxable Income Limit

Business Bad Debts - 166

Credit Transactions

Income Inclusion

Accrual Method Taxpayers

Cash Method Taxpayers

Former Business

Debt Acquired from a Decedent

Political Debts

Insolvency of Partner

Business Loan Guarantees


Methods of Treating Bad Debts

Specific Charge-Off Method

Partly Worthless Debts

Deduction Disallowed

Totally Worthless Debts

Recovery of Bad Debt

Property Received for a Debt

Bankruptcy Claim

Sale of Mortgaged Property

Net Operating Loss

Nonaccrual-Experience Accounting Method

Performing Services

Interest & Late Charges

Depreciation - 168

Personal Property

ACRS - 168

Applicable Percentage

Straight-line Election



Bonus (or Additional First-year) Depreciation - 168(k)

MACRS Conventions

Mid-quarter Convention Exception

Recapture - 1245

Real Property



Recapture - 1250 & 1245

Section 1245

Full Recapture

Section 1250

Partial Recapture

MACRS Recapture Exception for Real Property

Alternative Depreciation System - 168(g)

Mandatory Application




CPE Taxes Course: https://www.cpethink.com/tax-cpa-courses
Thank you for taking one of our free courses. We would like to be able to let you know when we add free courses or have special offers and will never spam you or share your address with anyone. If you are Ok with that please reply with "Ok" or if not please reply "No Thanks". Either way enjoy your free CPE course.
Exam completed on .

Do you want to add the course again?