- NY Credits : 4.0
- TX Credits : 4.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 4.0
Dynamic, growing corporations often acquire new buildings and equipment and dispose of other fixed assets in the course of a year. This course covers all aspects of corporate taxation for property, including capital gains and losses, determining assets classified as IRC Section 1231 assets, calculating IRC Section 1245 and Section 1250 ordinary income recapture upon disposition of assets, and computing IRC Section 291 recapture applicable to corporations. Additionally, this course delves into the netting process for determining IRC Section 1231 gains and losses, including a thorough understanding of the character of gain or loss as a result of casualties or involuntary conversions of property, and the impact of non-recaptured IRC Section 1231 losses.
This intermediate level course is most appropriate for the professional with detailed knowledge of trade or business property transactions, or the professional seeking to expand his or her knowledge base and who may be at a mid-level position within an organization with operational or supervisory responsibilities, or both.
The final exam includes many scenario based questions with calculations.
Included with subscription(s):
Upon successful completion of this course, the user should be able to:
identify property transactions, determine the amount realized and character of recognized gain or loss, identify deferred gain, calculate depreciation recapture;
describe IRC Section 1231 and the capital transactions netting process;
summarize treatment of IRC Section 197 intangibles; and
recognize and apply the rules for gains and losses from casualties and involuntary conversions.