Taxation of Property Transactions - Tax Staff Essentials

Overview

A fundamental understanding of the taxation of business property transactions is essential to any tax practice. This course prepares tax professionals to handle the tax effects of common property transactions, including like-kind exchanges and involuntary conversions. It also covers important property-related timing issues and planning opportunities that can lead to significant tax savings.

Prerequisites

Basic knowledge of property transactions and taxation

Objectives

• Calculate gain or loss realized and recognized on business property dispositions.
• Identify the tax treatment of net Section 1231 gains and net Section 1231 losses.
• Determine the application of the Medicare contribution tax to property dispositions.
• Recall rules for depreciation subject to recapture when property was acquired in a nontaxable exchange transaction or by gift or bequest.
• Recall the requirements for deferring realized gain on an involuntary conversion.

Highlights

Sections 1231, 1245, 1250 Depreciation recapture Capital gains and losses Non-recognition transactions