Audit
KBKG provides Audit Support (T/F)
True
What is a tax deduction?
A reduction of taxable income
What is cost segregation?
An engineer based study that accelerates depreciation of a property
A 1031x can be made up of these 2 components
Carryover and Excess basis
Who is the CEO of KBKG?
Gian Pazzia
How many hours of audit support does a full scope residential property get?
8 hours
What is a tax credit?
A dollar for dollar tax reduction
What is the purpose of Cost Segregation?
A strategic tax planning tool that allows to accelerate depreciation
Does 1031x receive bonus? Explain.
Sometimes. If the 1031x includes excess basis, then the excess will receive bonus while the carryover does not
Who does Brittany want to see in concert?
Morgan Wallen
How many hours of audit support does a client with a commercial property and a fee of $8,000 get?
Unlimited
How much is a $200,000 deduction worth, if your effective tax rate is 25%?
$50,000
Cost Segregation can be applied to these types of scopes (Name 3)
Acquisition, Step Up (2), 1031x, new construction and improvements
What is a 1031x and what is the benefit?
A 1031 exchange is a technique used by real estate investors to defer capital gains tax when they sell an investment property and purchase a similar, or like-kind, property.
How many chickens does Nathalie have?
15
How many hours of audit support does a client with a commercial property and a fee of $5,000 get?
8 hours
What is tax liability?
How much tax you owe
Anyone can go through a cost segregation study (T/F)
True. Anyone can have a cost segregation study done. If they don't have a need for the deductions, it can be carried forward.
You can only exchange one property at a time when doing a 1031x (T/F)
False. As long as the properties are like-kind properties with equal or greater value you can do a 1031x
What are Sarin's working block days?
Monday & Friday
Calc Only and Limited Scope R&D projects get audit support (T/F)
False
If you are an S-corp with a tax deadline of 3/15 and want to extend, what would your new tax deadline be?
9/15
What is the benefit of a cost segregation study?
Allows for the tax payer to use the accelerated deductions in the first year to offset their taxable income.
What is a reverse 1031 exchange?
A property exchange in which a replacement property is purchased without the sale of the current property
When was KBKG's first cost segregation study sold?
1999