You know that cost segregation studies offer tremendous tax advantages to real estate owners. Now this webinar gives you important insight into how a cost segregation study can work in important tax situations: estate tax planning, passive losses, net operating losses, like-kind exchanges, lease provisions, tenant improvements, and more. Additionally, this course will address the Form 3115 and how taxpayers can use this form to allow under-depreciated assets from both open and closed tax years to be depreciated within one year without amending returns. We will address 3115 restrictions, review the form in detail, and cover the required attachments.

I. APPLYING DEPRECIATION RULES 
               A. Determining Land vs Building Allocation 
               B. Asset Class Lives
               C. MACRS / ACRS - Estimated Quarterly Payments
               D. Loss Carryforward and Carryback 
               E. Entity Structures 
                        1. Individuals 
                        2. Partnerships - Technical Terminations
                        3. Corporations
                        4. REITS
                        5. TICS
                        6. International Tax Treatment
               F. Active vs Passive Income 
                        1. Defining a Real Estate Professional 
                        2. Passive Taxpayer and Multiple Entities 
                        3. Self-Rental Rules
II. UNIQUE OPPORTUNITIES TO CONSIDER
               A. Lease Provisions - Tenant Improvements
               B. Estate Tax Planning (step-ups) 
               C. Abandonments
               D. 1031 Exchanges 
                        1. Why Property Owners Combine Cost Segregation and 1031
                        2. Eliminate Recapture Tax
                        3. Pre-exchange Planning
               E. Go Zone - Bonus Depreciation
III. CHALLENGES TO CONSIDER
               A. Planning for Depreciation Recapture 
                        1. Overview of Recapture Rules
                                                a. Allocate Purchase Price Favorably
                                                b. Like-Kind Exchange Exception
               B. AMT
               C. Allowed vs. Allowable Rules (Rev. Proc 2004-11) 
               D. Leasing to Tax Exempt Organizations
               E. Historic Tax Credits
               F. Property Tax 
               G. LIFO adjustment
               H. Real Estate Transfer Tax
IV. LOOK-BACK STUDIES - CATCH-UP DEPRECIATION
               A. Automatic vs.Non-Automatic Change in Accounting Method
               C. Amended Returns 
               D. Preparation of Form 3115 - 481a Adjustment
V. RECENT CHANGES, LEGISLATIVE OUTLOOK & REGULATORY INITIATIVES 
               A. Proposed Regulations
               B. Qualified Leasehold / Restaurant Improvement
               C. Self-Rental Rule - Beecher, (CA9, 3/23/2007), 99 AFTR 2d ¶2007-712) 
               D. Regulatory Initiatives