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Video instructions and help with filling out and completing form 263a
Hello I'm David Hardesty in this lecture we continue our discussion of website development costs with a detailed look at how to identify and differentiate between section 263 costs and section 162 costs before studying this lecture please first study two other lectures if you have not already done so lecture 2-1 overview of accounting for website development costs and lecture 2-2 accounting for software costs in websites the objectives of this lecture are to understand the basic rules for characterizing website development costs as currently deductible section 162 ordinary and necessary business expenses understand the basic rules for characterizing website development costs as section 263 capitalized costs and understand the manner in which the intangibles regulations control characterization of costs associated with intangibles as either section 162 or 263 costs the reading in the text associated with this lecture is at electronic commerce taxation and planning 7.03 let's first discuss section 162 expenditures as discussed in the text at 7.03 the code allows a current deduction for section 162 expenses to qualify as deductible under Section 162 costs must be ordinary and necessary costs incurred in carrying on a trade or business and not subject to special treatment under other code sections such as sections 163 164 174 263 and so on what this means for practical purposes is any costs incurred in carrying on a business which are not subject to the requirements of other specific code sections often default to section 162 classification website costs that are not capitalized under Section 263 and are and are ordinarily not subject to sections 163 164 or 160 74 are often characterized as section 162 costs note it is important to remember that section 162 expenses of a startup company which are otherwise currently deductible are deferred under Section 195 now let's switch our to section 263 costs the code requires a taxpayer to capitalize section 263 costs in general section 263 costs are amounts paid or incurred to acquire property add to the value or substantially prolong the useful life of property to adapt property to a new and different use under special regulations a taxpayer must also capitalize under Section 263 amounts paid or incurred to create or an inquire and intangible facilitate the creation or acquisition of an intangible or create or enhance a future benefit identified in published guidance as requiring capitalization we will now look at the general rule for capitalization and then later discuss the special rules for intangibles the first of the general rules is the specific and distinct asset test under Section 263 as discussed in the text at 7.03 2 under the general rule an expenditure is capitalized under Section 263 only if it serves to acquire create or enhance a separate and distinct asset this means that if there's no specific asset that can be identified as being created or enhanced then Section 263 ordinarily does not apply examples of separate and distinct assets in websites are furniture fixtures.