Audit
We don't provide audit support with our RCS tool (T/F)
False - we provide 8 hours of audit support
What is a tax deduction
A reduction of taxable income
To acceleration depreciation by recovering the cost or other basis of a certain property.
A 1031x is made up of these 2 components
carryover and excess basis
Who is the managing Principal of KBKG
Gian Pazzia
How many audit support hours do we provide for standard cost segregation studies for residential properties?
8 hours per property
What is a tax credit
dollar for dollar tax reduction
What is Cost Segregation?
An engineer based study that accelerates depreciation and maximizes deductions.
When does 1031x receive bonus?
If the 1031x includes excess basis, then the excess will receive bonus while the carryover does not.
Tranquillity Park in this Texas city was built to commemorate the 1969 Apollo 11 Moon landing
Houston
How many hours of audit support do we provide for desktop studies?
1 hour for every $2,000 of the fee
How is taxable income calculated?
Multiplied by your tax rate to determine how much tax you owe
Cost Segregation can be applied to these types of scopes
acquisition, new construction and improvements
KBKG calculates 1031x basis numbers (T/F)
true
KBKG will have KROST calculate the carryover and excess basis for an additional fee.
What is the closest star to us?
The Sun
How many audit support hours do we provide for R&D full scope projects?
1 hour for every $2,000 of the fee
What is taxable 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 in a 1031 (T/F)
false
As long as the properties are like-kind properties with equal or greater value you can do a 1031x
How many Marvel movies are there
32
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 is your tax deadline?
9/15
Unused deductions can be carried forward (T/F)
True
What is a reverse 1031 exchange
A property exchange in which a replacement property is purchased without the sale of the current property
KBKG's first cost segregation study was sold in this year
1999