2017 income tax fundamentals chapter 7

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Chapter 7: Accounting Periods and Methods and Depreciation Chapter Contents

Chapter 7 Accounting Periods and Methods and Depreciation Chapter Introduction 7­1 Accounting Periods 7­1a Individual Tax Years 7­1b Partnership and Corporation Tax Years 7­1c Short­Period Taxable Income 7­2 Accounting Methods 7­2a Restrictions on the Use of the Cash Method 7­3 Depreciation 7­4 Modified Accelerated Cost Recovery System (MACRS) 7­4a Mid­Quarter Convention 7­4b Bonus Depreciation 7­4c Real Estate 7­4d Mid­Month Convention 7­4e Reporting Depreciation Expense 7­5 Election to Expense 7­6 Listed Property 7­7 Limitation on Depreciation of Luxury Automobiles 7­8 Intangibles 7­8a Exclusions 7­9 Related Parties (Section 267) 7­9a Losses 7­9b Unpaid Expenses and Interest 7­9c Relationships Questions and Problems Key Terms 1/2


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