A fundamental understanding of the taxation of business property transactions is essential to any tax practice. This course prepares tax professionals to handle the tax effects of common property transactions, including like-kind exchanges and involuntary conversions, while bringing them up to date on the impact of H.R. 1 on relevant provisions, such as bonus depreciation and Section 179 expensing. It also covers important property-related timing issues and planning opportunities that can lead to significant tax savings.
Learning Objectives
When you complete this course, you will be able to:
- 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.
Major Topics
- Sections 1231, 1245, and 1250
- Depreciation recapture
- Capital gains and losses
- Nonrecognition transactions
- H.R. 1, commonly referred to as OBBBA
