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, while bringing them up to date on the impact of H.R. 1 on relevant provisions, such as bonus depreciation and Section 179 expensing. It also covers important property-related timing issues and planning opportunities that can lead to significant tax savings.
DESIGNED FOR
Tax staff and senior associates in public accounting
, entry level, and mid-level tax professionals in industy
BENEFITS
- Calculate gain or loss realized and recognized on business property dispositions.
- Apply the capital losses limitations and preferential tax rates on capital gains.
- Determine the impact of depreciation recapture on a taxpayer’s taxable income and
tax liability.
- Determine the tax basis of property received in a like-kind exchange.
- Determine allowable cost recovery deductions for replacement property acquired in
a like-kind exchange or involuntary conversion.
HIGHLIGHTS
- Sections 1231, 1245, and 1250
- Depreciation recapture
- Capital gains and losses
- Nonrecognition transactions
- H.R. 1, commonly referred to as OBBBA
PREREQUISITES
Basic knowledge of property transactions and taxation
ADVANCE PREPARATION
None