Form 4797 – Hands On: Emphasizing Sales of Business and Rental Real Estate FLEXCAST

Overview

Navigating the complexities of Form 4797 for reporting business asset transactions is a daunting task for many tax professionals. The intricate details of Code Sections 1231, 1245, 1250, and 197, and the challenges of accurately reporting sales of business assets and real estate, often lead to confusion and potential errors. This course offers a robust solution to these challenges. This course provides an in-depth understanding of each section of Form 4797, enabling participants to accurately report complex accounting for real estate transactions. The course expertly guides tax professionals through the intricacies of computing Section 1250 recapture and unrecapture, identifying ordinary income under Sections 1245 and 1250, and making Partial Disposition elections. By demystifying these complex areas, this course equips participants with the skills and confidence to ensure accuracy and compliance in their tax practice, making them invaluable assets in managing intricate tax scenarios.

Highlights

Who uses Form 4797? How is Form 4797 used to report?

Prerequisites

None.

Designed For

CPAs, EAs, CRTPs, and other tax professionals.

Objectives

Understand Code Section 1231, 1245 and 1250 transactions. Correctly report the sale of business assets and real estate. Compute both Section 1250 recapture and unrecapture. Identify when gain is ordinary income under Section 1245 or 1250. Understand how to make a Partial Disposition election.

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.