Section 199 Qualified Domestic Production Activities Deduction

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In an effort to enhance the ability of certain domestic producers to compete in the global marketplace, Congress approved §199, a centerpiece of the American Job Creation Act. Code §199 allows a deduction for income derived from any lease, rental, license, sale, exchange, or other disposition of qualifying production property manufactured, produced, grown, or extracted by the taxpayer in whole or in part within the United States.

This course will discuss the specific requirements that must be met in order to qualify for the deduction, as well as explain how to calculate the deduction.
This course is based on Bloomberg BNA Tax Management Portfolio 510-2nd Section 199: Deduction Relating to Income Attributable to Domestic Production Activities.

Educational Objectives:
•Determine what activities qualify for the qualified domestic production activities deduction
•Identify what property qualifies for the qualified domestic production activities deduction
•Determine what activities give rise to domestic production gross receipts
•Identify what activities constitute manufactured, produced, grown or extracted activities under §199
•Recognize which geographical areas constitute the “United States” for purposes of section §199
•Determine which party has the “benefits and burdens of ownership” over the qualifying property during the period of the qualifying activity
•Identify which taxpayers are disqualified from claiming the deduction due to the related person exception
•Calculate the Domestic Production Activities Deduction.