Audit
KBKG provides Audit Support (T/F)
True
What is a tax deduction?
What is a reduction of taxable income?
What is Depreciation?
Tax deduction that allows a taxpayer to recover the cost or other basis of a certain property. Spread over the life of the asset
A 1031x is made up of these 2 components
carryover and excess basis
Who is the CEO of KBKG?
Gian Pazzia
Audit support for residential properties is limited to how many hours?
8 hours
What is a tax credit?
What is a dollar for dollar tax reduction?
What is Cost Segregation?
A strategic tax planning tool that allows to accelerate depreciation
Does 1031x receive bonus?
If the 1031x includes excess basis, then the excess will receive bonus while the carryover does not, depending on the placed in service date
Who's concert is Brittany trying to go to?
Morgan Wallen
Audit support for full scope commercial property cost segregation studies are limited (T/F)
False
What is Taxable Income?
What is 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.
How many chickens does Nathalie have?
15
R&D full scope project audit support hour is calculated this way
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
What is Sarin's dogs name?
Benji
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 new 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
What is 1999?