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Friday, November 6, 2020 Webcast

Keeping it Real: Considerations and Strategies for Real Estate Taxation, Real Property Installment Sales, and Like-Kind Exchanges (E2011491)

9:00 AM - 4:30 PM EDT

Registration: 8:30 AM EDT

Webcast


8 CPE Credits in TX

OVERVIEW

This two-part course will address the two ways to defer recognizing income so it won’t be necessary to send a check to Uncle Sam, as well as critical considerations in real estate taxation. There are two provisions within the Internal Revenue Code that allow the taxpayer to defer recognition of immediate taxable gain in the year of sale: installment sales and like-kind exchanges. Knowing how and when to utilize these provisions makes the CPA very valuable to either their client or the entity they work for. The second part of the course will help you navigate the complex area of advising clients and preparing returns related to the acquiring, holding, managing, constructing and disposing of real estate. You will leave able to navigate many of the key issues associated with the relevant returns and plan strategically for your company or clients. We will also discuss the significant impact the Tax Cuts and Jobs Act has had on the real estate industry.

DESIGNED FOR

CPAs who either represent or work for entities that own real property and advise clients or their company on issues related to the acquisition, holding, management, and disposition of real estate.

BENEFITS

  • Know when and how to utilize the provisions of IRC Section 457 in order to defer recognizing gain on the sale of real property via installment sales
  • Know when and how to utilize the provisions of IRC Section 1031 in order to defer recognizing gain on the sale of real property via a like-kind exchange
  • Understand the most commonly used forms of ownership for real estate holdings and the scenario-based advantages and disadvantages of each
  • Know and be able to apply the key considerations in determinations surrounding depreciation and recapture, determination of basis, installment sales, rental operations, and the determination of passive activity losses

HIGHLIGHTS

  • How does the IRC define an installment sale under Section 457 and how can a taxpayer utilize those provisions?
  • How do the TCJA and the issue of a “dealer” vs. a “non-dealer” impact the use of the installment sale method?
  • What is a like-kind exchange as defined by IRC Section 1031 and how can a taxpayer utilize those provisions?
  • What types of real property are eligible for like-kind exchange treatment?
  • What is “boot” and how does it impact the like-kind exchange deferral?
  • How to calculate a like-kind exchange, including any taxable portion
  • How has the Tax Cuts and Jobs Act impacted the use of like-kind exchanges?
  • Depreciation and recapture
  • Passive activity losses
  • Determination of basis and gain or loss on sale of real estate
  • Taxation of rental operations
  • Installment sales

COURSE LEVEL

Basic

PREREQUISITES

A basic understanding of the provisions for recognizing gain or loss on the sale of real property and some experience preparing tax returns involving real estate holdings.

ADVANCE PREPARATION

None

ADDITIONAL NOTES

Course materials are distributed electronically. To access the materials visit My Events. Download to your laptop or tablet prior to the seminar, handouts are added as received.

INSTRUCTOR

John Evanich

John L. Evanich, CPA

Surgent Professional Education

John L. Evanich, Jr., CPA, is a retired tax partner, formerly with CohnReznick, LLP - the 10th-largest CPA firm in the country. For more than 40 years, John specialized in working with professional service businesses, LLCs, LLPs, and S corporations on tax planning and other tax matters important to them. John has represented taxpayers on hundreds of IRS appeals and court petitions. With over 40 years of experience in public accounting, John is a past president of the Connecticut Society of CPAs (CTCPA), a past member of their Board of Governors, and a former trustee of their Educational Trust Fund. He is also a former member of AICPA Council. Mr. Evanich has lectured and written extensively on tax issues, both locally and nationally. He is a member of the American Institute of CPAs. In 2015 and 2016, he received the Surgent Outstanding Discussion Leader Award because of his consistently high evaluations for knowledge and presentation skills. He has also served as chairman of many CTCPA committees, most notably the Federal Taxation, State Taxation, Public Relations, and Technical Consultation Services committees. John has also testified on tax matters of concern to middle- and upper-income taxpayers, as well as small businesses, before the Ways and Means Committee of the U.S. House of Representatives, as well as various Connecticut state legislative committees. Mr. Evanich received a bachelor’s degree in accounting with honors from the University of Bridgeport, Connecticut and completed all course work in the Master’s in Taxation program at Pace University in New York City.

PRICING

$289.00 - Member

$389.00 - Nonmember

Event Cancelled

This event has been cancelled.

ADDITIONAL OPTIONS

Print a registration form

COURSE DEVELOPER

Surgent