Form 4797, A Deep Dive, Sale of Business Property (Completed)
Date: Monday, July 8, 2024
Instructor: A.J. Reynolds
| Begin Time: |
10:00am Pacific Time
11:00am Mountain Time
12:00pm Central Time
1:00pm Eastern Time |
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
|
NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
Simply put, IRS Form 4797 is the form used specifically for reporting the gains or losses resulting from the sale or exchange of business and income producing property used in a trade or business. However, this Form 4797 often generates a countless amount of uncertainty and anxiety. This course will assist tax pros in determining whether a transaction is a capital gain or ordinary income and what tax consequences are associated with each. Furthermore, it will clarify what parts of Form 4797 need to be completed and their holding periods. Allocation of sales price and tax planning will also be examined. This course will provide you with the confidence to deal with these situations. So, join us in deciphering the mystery of Form 4797.
Who Should Attend
All Tax professionals wanting a better review of Form 4797 and the components relating to this Form.
Topics Covered
- Ascertain Sales Price and Calculate Basis
- Categorize transaction into appropriate parts on Form 4797
- § 1231 Property
- § 1245 Property
- § 1250 Property
- Allocation options of Sale Transactions
- Difference of Depreciation recapture and Capital Gain
- Form 8594
- Tax Planning
Learning Objectives
- Know the different parts of Form 4797
- When and How to use Form 4797
- Correctly identify § 1231 Property
- Recognize § 1245 & § 1250 Property
- Analyze Tax Planning Options
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
