After completing this course, the learner should be able to:
- Identify the significant differences in tax treatment between capitalization with indebtedness versus capitalization with equity
- Calculate the section 163(j) business interest expense limitation and understand the modifications under the CARES Act.
- Recognize the exceptions to the business interest limitation for small businesses, real estate businesses, and farming businesses
- Recognize what is considered "interest" for the purposes of the limitation
- Calculate "adjusted taxable income" (including those adjustments provided in Proposed Regulations)
- Apply the carryforward rules for interest expense disallowed under section 163(j) in the case of
- S corporations and partnerships
Tim Gearty is the National Director and Editor-in-Chief for the world’s largest CPA training program, Becker CPA Review. In addition to his editorial leadership, Tim is also Becker's National Lead Instructor, whose taped lectures are seen in over 325 locations throughout the world. Tim is a nationally recognized expert and speaker on a variety of accounting and tax topics, and has appeared as keynote speaker for several Fortune 100 companies as well as many national associations. He has frequently been called upon over the past twenty years to present accounting and tax topics to large groups, organizations, and corporations, accounting firms and in legal proceedings. Tim is a partner in Gearty & McIntyre, LLP, CPA, a firm which has developed a reputation as a specialist in business advisory services, litigation support and forensic accounting. He is a member of the American Institute of Certified Public Accountants and the New Jersey Society of Public Accountants as well as a trustee of that organization. He holds a BS in Accounting from Fairleigh Dickinson University, and both a MBA in Finance and Law Degree (JD) from Seton Hall University. Tim is a member of the New Jersey and American Bar Associations.
Becker Professional Education Sponsor I.D. Numbers NASBA: 107294, New York: 002087, New Jersey: 20CE00226700, Texas: 009580, Ohio: CPE.186, Illinois 158.002405, Pennsylvania: PX177823