Description

Professionals learn about business property-related timing issues and planning opportunities that can lead to tax savings.

Target Audience

- tax staff and senior associates in public accounting

- Entry- and mid-level tax professionals in industry

Course Objectives

- 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.

Subjects

- Sections 1231, 1245, and 1250

- Depreciation recapture

- Capital gains and losses

- Nonrecognition transactions

Prerequisites

Basic knowledge of property transactions and taxation