Taxation of Property Transactions - Tax Staff Essentials

Overview

A practical guide to business property transactions

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.

Topics include:

Depreciation recapture

Exchange transactions

Dispositions of business property

Updated for the effects of H.R. 1, commonly referred to as OBBBA, this learning provides a current view of these essential topics.

Tips for achieving an optimal tax result on property transactions

Professionals are exposed to important business property-related timing issues and planning opportunities that can lower a client's tax liability.

Strategies laid out in the course empower practitioners to consider the timing of recognizing gain and loss to achieve tax savings.

Part of Tax Staff Essentials Level 2

This self-study online course is part of Tax Staff Essentials Level 2, a comprehensive learning program that provides experienced tax staff with the technical training required to gain independence.

Highlights

Sections 1231, 1245, and 1250

Depreciation recapture

Capital gains and losses

Nonrecognition transactions

Prerequisites

Basic knowledge of property transactions and taxation

Designed For

Tax staff and senior associates in public accounting

Entry- and mid-level tax professionals in industry

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.