Form 4797 Deep Dive: Sale of Business Property ON DEMAND

Overview

This course offers an in-depth exploration of IRS Form 4797, a crucial tool for tax professionals managing property sales or exchanges in a business context. It features detailed guidance on distinguishing between capital gains and ordinary income - a distinction that is vital for accurate tax reporting. Participants will benefit from a clear breakdown of the form’s sections, understanding the nuances of transaction categorization, basis calculation, and sales price ascertainment. The course also sheds light on depreciations recapture and un-recapture, enhancing practitioners’ ability to handle complex scenarios. By demystifying the intricacies of Section 1231, 1245, and 1250, as well as the implications of 199A, attendees will gain valuable skills for confident and compliant tax reporting. So join us in deciphering the mystery of Form 4797.

Highlights

Basics of gifts. Installment sales. Form 8594.

Prerequisites

None.

Designed For

CPAs.

Objectives

Correctly identify Section 1231 property. Examine the difference between Sections 1245 and 1250 property. Ascertain the sales price. Calculate basis. Categorize transactions into their appropriate parts on form 4797. Differentiate between depreciation recapture and capital gain. Identify un-recapture depreciation. Evaluate 199A in reference to Sections 1231, 1245, and 1250.

Preparation

None.

Notice

None.