Form 4797, A Deep Dive, Sale of Business Property

Author: A.J. Reynolds

Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2027 to receive credits. 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.

Publication Date: July 2024

Designed For
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

• Identify the different parts of Form 4797
• Identify when and how to use Form 4797
• Identify §1231 Property
• Recognize §1245 & §1250 Property
• Identify Tax Planning Options

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None