The Economic Stimulus Act of 2008 rekindled the somewhat complex concept of "bonus depreciation" (50% 1st year) for certain new "qualified" property placed in service before 2009. The Housing and Economic Recovery Act of 2008 contained a related provision that provided an election to forgo bonus depreciation and instead receive a refund for certain unused credits. This new provision is found in section 168(k)(4) of the Internal Revenue Code.
Because § 168(k)(4) contains several complex rules and its effective date has been extended into 2009, the IRS and Treasury have promulgated three revenue procedures to clarify the application of this provision -- Rev. Proc. 2008-65, Rev. Proc. 2009-16, and Rev. Proc. 2009-33.
The Knowledge Group has assembled a panel of key thought leaders and experts to help you navigate the complexities of the credit acceleration provision of §168(k)(4) and the recent guidance thereunder.
In a 2-hour LIVE webcast scheduled for July 23, 2009, the panelists will explain the following key issues in light of recent guidance on §168(k)(4):
- What property is eligible for this election.
- How to perform the increase in credit limitations under §168(k)(4)
- What special rules govern the §168(k)(4) provision
- How to determine whether to make a §168(k)(4) election
- How and when to make the election
Course Level: Intermediate
Prerequisite: None
Method Of Presentation: Group-Based-Internet
Developer: The Knowledge Conference
Recommended CLE/CPE Hours: 2.0
(Please note, your State Bar or Accounting Board will make the final determination with respect
to continuing education credit.)
Advance Preparation: Print and review course materials
Course Code: 093868
Jeffrey T. Rodrick
Attorney Advisor, Office of Associate Chief Counsel (Income Tax & Accounting)
Katherine Breaks
Director, Washington National Tax Practice
Brandon Carlton
Attorney-Advisor, Office of Tax Legislative Counsel
Alison Jones
Senior Manager
Jeffrey T. Rodrick, Attorney Advisor, Office of Associate Chief Counsel (Income Tax & Accounting), Internal Revenue Service,
Brandon Carlton, Attorney-Advisor, Office of Tax Legislative Counsel, U.S. Department of Treasury,
Katherine Breaks, Director, Washington National Tax Practice, KPMG LLP,
and
Alison Jones, Senior Manager, Ernst & Young LLP
- Background and legislative purpose behind bonus depreciation & §168(k)(4)
- What is qualified property for purposes of §168(k)(4)?
- Determining a taxpayer's benefit under §168(k)(4) (computations)
- Special rules under §168(k)(4)
- Practical Considerations
- Making elections under §168(k)(4)
- Public Companies
- Accounting & Finance
- Consultants
- CPAs
- Auditors
- Attorneys
This is a must attend event for anyone interested in having clear understanding on Revenue Procedure 2008-65 & 2009-16.
- New guidance explained by the most qualified key leaders & experts
- Hear directly from key regulators & thought leaders
- Interact directly with panel during Q&A