Methods to the Madness
This type of property would typically be reviewed within a cost segregation study.
What is long life property (15 year life or greater)
Dan's laptop should be classified as which type of property?
What is Information Systems (0.12)
The acronym MACRS.
What is Modified Accelerated Cost Recovery System
How are positive cost changes typically booked in the system?
What is they are placed in service on the first day of the current tax year and classified according to the parent assets provided with an attachment number.
This function temporarily changes a number field type to text within a formula.
An automatic method change cannot be used for changing the method of an item within the list of automatic changes if the taxpayer changed a method for that specific item during any of the last _____ taxable years.
What is Five.
Outdoor fencing and paving could be classified as this type of property.
What are Land Improvements (0.13)
The Philadelphia office would receive this tax convention.
What is the mid-month convention.
This type of asset would normally expect to have proceeds associated with its sale.
What is Land.
To prevent errors, place this tool before a file output when you're writing to multiple sheets in one workbook.
This key benefit is associated with filing an automatic change in accounting method.
What is Audit Protection.
When deciding whether to classify an asset as Distributive Trades and Services (57.0) THIS must first be considered.
What is the Trade or Business of the legal entity which owns the asset.
Bonus elections are made separately for each _____ of asset.
What is class.
For the sale of an asset, the Proceeds less the Adjusted Basis of the asset.
What is the tax gain or loss.
This tool removes leading and trailing whitespace.
What is Data Cleansing / Multi-Field or the Formula: Trim[FIELD NAME].
A 481(a) adjustment is calculated as of the _______ of the tax year of change.
What is the beginning.
A reinforced concrete slab used solely to support machinery in a meat packing plant could be classified as this type of property.
What is Manufacture of Other Food and Kindred Products (20.4)
Domestic 174 costs currently get capitalized under which life, method and convention?
What is 5-year, straight-line and half-year convention.
This type of asset is identified when it appears in the current PBC fixed asset subledger with a placed in service date within the tax year immediately preceding the current year of processing.
What is a delayed clearance asset.
Use this tool to automatically remove the "Sum_" prefix in the header created by the summarize tool.
An accounting method change listed under Revenue Procedure 2023-24 is referred to as a(n) ______ method change.
What is automatic.
This Revenue Procedure may be old but it is still used as the basic guideline for asset classification under MACRS.
What is Revenue Procedure 87-56
The Tax Cuts and Jobs Act established 100% bonus depreciation effective again after this date.
What is September 27th, 2017.
This type of acquisition (M&A Activity) results in the restart of depreciation at fair market value as of the date that the target company is acquired.
What is an asset acquisition. Also acceptable: a qualified stock purchase (a stock acquisition with a 338(h)(10) election)
Date data types in Alteryx are always formatted in the following order.
What is yyyy-MM-dd.