Applying the Tangible Property Regulations
This course covers the application of the tangible personal property regulations. The concept of "unit of property" is addressed, as are the types of acquisition and production costs that must be capitalized. Of primary concern is distinguishing deductible repairs from improvements that must be capitalized, and the capitalization categories of betterments, adaptations, and restorations are fully described.
The course also provides practical guidance on the procedures for making accounting method changes. A table indicating the most common accounting method changes, their assigned change numbers, and the legal source will assist practitioners in preparing Form 3115 Application for Change in Accounting Method. Calculating the adjustments to income that may be required by an accounting method change is also covered.
Learning Objectives
After completing this course, you will be able to:
- Distinguish deductible repairs from improvement costs that must be capitalized
- Identify the accounting options available for materials and supplies, and spare parts
- Determine what constitutes a unit of property
- Select the appropriate elections available under the regulations
- Identify the various safe harbors provided by the regulations
- Calculate Code section 481(a) adjustments
Duration: 50 minutes
Who Should Attend: All tax practitioners advising individual and business clients
Course Level: Intermediate
Prerequisite: None
Advance Preparation: None
Delivery Method: Self Study - Internet Based
CTEC: 6209-CE-00239
NASBA: 116347
IRS CE: UBWMF-T-00327-25-S
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.
Last Modified:10/9/2025
