Introduction to Property Transactions

Learning Objectives

After completing this course, you will be able to:

• Select the appropriate tax rate for each type of capital gain and loss.
• Distinguish Section 1231 assets from other asset types.
• Distinguish the relationship among Section 1231 assets, Section 1245 assets, and Section 1250 assets.
• Estimate net Section 1231 gains and losses.
• Estimate the gain or loss on sale of a Section 1245 asset and Section 1250 asset, including depreciation recapture.
• Estimate the recognized loss on the sales of assets between related parties.
• Indicate the deferred loss from a wash loss sale and the basis of the newly acquired security.
• Recognize the tax consequences of a like-kind exchange.
• Indicate the effect on income of an involuntary conversion and the basis of the new asset.
• Estimate the recognized gain from the sale of a principal residence

Major Topics

• Capital gains and losses
• Taxation of Assets used in a trade or business including Section 1231, Section 1245, and Section 1250
• Property transactions: Nonrecognition of gains and losses including related party transactions, like-kind exchanges, and involuntary conversion

Who Should Attend

This course is designed for entry level tax practitioners and any tax practitioner who works with property transactions.

Fields of Study

Prerequisites

None

CPE Credits

Level