- 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 takes a look at a selection of topics related to the gains and losses that are reported on Form 1040. Lesson 1 discusses securities transactions. Lesson 2 covers installment sales, like-kind exchanges, and conversions of property. Lesson 3 examines transactions related to trade or business property. Finally, Lesson 4 discusses bad debt losses, debt discharge income, and foreclosures.
Course Expiration Date: November 30, 2019
Please note, the grading fee for answer sheets submitted by regular mail is $105.
Identify the best way to address stock holding periods.
Determine the appropriate treatment for publicly traded options, futures contracts, and short sales.
Determine when the installment method is available; how to treat installment sales between related parties; how to elect out of the installment method; and how to deal with installment sale purchase price adjustments.
Assess issues related to the disposal of installment obligations, like-kind exchanges, and involuntary conversions.
Recognize the best way to address the abandonment of business property.
Identify the appropriate treatment for business and nonbusiness bad debts.
Assess issues related to debt discharge income for solvent taxpayers and insolvent or bankrupt taxpayers.
Lesson 1—Securities Transactions
Lesson 2—Installment Sales, Like-kind Exchanges, and Conversions of Property
Lesson 3—Trade or Business Property Transactions
Lesson 4—Bad Debt Losses, Debt Discharge Income, and Foreclosures