- NY Credits : 9.0
- TX Credits : 9.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 9.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 9.0
This course leads the tax preparer through the wide spectrum of capital transactions encountered by both individual and business tax clients and outlines tax reduction opportunities made possible through lower capital gains rates. It explains which dividends are eligible for the same favorable tax rates that apply to long-term capital gains and covers the tax implications of mortgage debt forgiveness. From stock and mutual fund sales to transactions with personal residences and investment property, this course will clarify the calculations behind gain and loss realization and recognition. This course is most appropriate for the professional with detailed knowledge of capital gains/losses who may be at a mid-level position within an organization with operational or supervisory responsibilities, or both.
Upon successful completion of this course, the user should be able to:
identify the reduced maximum tax rate for long-term capital gains and qualified dividend income,
differentiate the character of capital gain (short-term versus long-term),
classify IRC Section 1231 gains and losses,
identify transactions where neither capital gain nor loss is currently recognized, and
recognize partially or completely excluded capital gains and losses.