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Form 1040 - Gains and Losses From Sale of Property   Updated

CATEGORY: Taxation
COURSE ID: CPTFGL, VERSION 4.00
(58)
Online & Mobile, Download
3 CPE Credits

The basic IRC Sec. 1001 formula is amount realized less adjusted basis equals gain realized (or loss realized). The gain realized is not necessarily the amount taxed; only the gain recognized is taxable. Tax law, however, provides that all gain realized is to be recognized, unless a specific exclusion applies. This course details the general rules for gain recognition as well as discusses exceptions to the general rule for like-kind exchanges, involuntary conversions, sale of a principal residence, and other various types of transactions.

This course is most appropriate for the professional with detailed knowledge in Form 1040 who may be at a mid-level position within an organization with operational or supervisory responsibilities, or both.

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