- NY Credits : 8.0
- TX Credits : 8.0
- CTEC Credits : Federal Tax Law - 8.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 8.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 8.0
This interactive self-study course discusses three topics related to how gains and losses are reported on Form 1040. Lesson 1 covers commonly encountered security transactions. Lesson 2 talks about issues that may arise for taxpayers with significant real estate and investment property activities, including installment sales, like-kind exchanges, conversions of property, and qualified opportunity funds. Lesson 3 concludes the course by discussing bad debt losses, debt dis- charge income, and foreclosures.
Course Expiration Date: December 31, 2021
Please note, the grading fee for answer sheets submitted by regular mail is $119.
Identify how stock holding periods, capital gain rates, mutual fund income and sales, and losses on Section 1244 stock and worthless securities should be reported on Form 1040.
Determine the best treatment for publicly traded options and futures contracts, short sales, and employee stock options.
Recognize how to best deal with the anticonversion rules, qualified small business stock, wash sale losses, and virtual currency.
Determine when taxpayers can use the installment method.
Recognize the rules for like-kind exchanges, involuntary conversions, and qualified opportunity funds (QOFs).
Identify appropriate deductions for business and nonbusiness bad debts.
Recognize the appropriate tax treatment for debt discharge income.
Determine the best tax treatment for foreclosures by lender with recourse and nonrecourse debt, the reduction of seller-financed debt, and consumer credit card debt modification.
Lesson 1—Securities Transactions
Lesson 2—Installment Sales, Like-kind Exchanges, Conversions of Property, and Qualified Opportunity Funds
Lesson 3—Bad Debt Losses, Debt Discharge Income, and Foreclosures