Table of Contents

Course  Learning Objectives. 5

Description / Introduction. 5

Overview of the Business Tax Portion of the Tax Cuts and Jobs Act 7

BUSINESS TAX REFORM... 7

Tax Rates. 7

Cost Recovery. 7

Small Business Reforms. 9

Expansion of section 179 expensing. 9

Reform of Business Related Exclusions, Deductions, etc. 10

Interest 10

Reform of Business Credits. 14

Energy Credits. 16

Bond Reforms. 17

Termination of private activity bonds. 17

Insurance. 17

Net operating losses of life insurance companies. 17

Compensation. 20

Modification of limitation on excessive employee remuneration. 20

Other Provisions. 21

Treatment of gain or loss of foreign persons from sale or exchange of interests in partnerships engaged in trade or business within the United States. 21

Review Questions. 27

Review Question Answers. 28

Glossary. 30

Index. 43

Final Examination. 45

CPASelfstudy.com Course Evaluation. 46