Mastering Cost Segregation
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Questions and Answers

Which of the following is a benefit of cost segregation?

  • Allocates depreciable basis into shorter recovery time periods (correct)
  • Increases annual tax liability
  • Triggers an examination
  • Reduces cash flow

    • What can a taxpayer do to deduct the 'catch-up' depreciation in the year of change?

  • File a Form 3115 (correct)
  • Trigger an examination
  • File a timely return with extensions
  • Request automatic consent

    • According to the IRS, is the use of a cost segregation study a red flag for triggering an examination?

  • It depends on the situation
  • Yes
  • The text does not mention this
  • No (correct)

    • What is the purpose of a Form 3115?

    <p>To request automatic consent for a change in accounting method</p> Signup and view all the answers

    What does cost segregation mean in terms of cash flow?

    <p>Increasing cash flow in the current tax year</p> Signup and view all the answers

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