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.
Learning 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.
Major Topics
- Sections 1231, 1245, 1250
- Depreciation recapture
- Capital gains and losses
- Non-recognition transactions
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