Taxable income has a “character” that is used to calculate tax liability; these characters are classified as ordinary, capital or section 1231. However, there are an array of rules that need to be understood in order to provide the best advice possible for your clients. During this course Lloyd Born will help you distinguish between the various types of income or losses, to assist in determining the type that will optimize and to change to a more favorable classification by careful planning. Lloyd Born is the advisor that seasoned CPAs call when they’re stumped by complicated tax questions and need advice that can’t be found anywhere else. Bring your questions and expect to be impressed by his command of this complex subject matter.
Capital assets- section 1221. Ordinary income property. Section 1231 property. Sales and exchanges. Deemed sales and exchanges. Abandonments- Property & Partnership Interest. Property used in a trade or business. Tax consequences of each type of gain/ loss. Real estate- when ordinary or capital? Reporting Requirements
Review the character of income rules by reviewing the code. all the regulations and all relevant cases.
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4.67 stars out of 5 - speaker rating for 2019 “Excellent! It is great that Lloyd has so much experience not only as a tax CPA but also years of owning commercial and residential real estate.” - past attendee
Mr. Born, a Certified Public Accountant, received a Bachelor of Science degree in Electrical Engineering and a Masters of Business Administration degree from the University of Washington.
While obtaining his MBA degree, he was employed by the Boeing Company. After obtaining his MBA degree, he joined KPMG Peat Marwick where be ultimately became a tax partner. He left Peat Marwick to become a real estate entrepreneur but continued to practice federal income tax.
After a successful career as a real estate entrepreneur, Mr. Born expanded his tax practice consulting with other CPAs relating to their more challenging tax questions primarily relating to real estate, partnership and advanced personal tax planning.
Mr. Born is the recipient of the Elijah Watt Sells silver medal award for the second highest grades in the United States on the CPA examination.
Mr. Born is an experienced educator who both writes and teaches tax courses for the Washington Society of Certified Public Accountants and teaches Masters of Taxation courses at Golden Gate University. Mr. Born also is an experienced speaker primarily on tax subjects including five presentations at the Northwest Tax Institute.
Non-Member Price $349.00
Member Price $249.00