Form 4797 Deep Dive: Sale of Business Property FLEXCAST

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. This course 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.

Highlights

Basics of gifts. Installment sales. Form 8594.

Prerequisites

None.

Designed For

CPAs and tax professionals.

Objectives

Correctly identify Section 1231 Property. Examine the difference between Section 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 Section 1231, 1245, and 1250.

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.