Form 4797 - Hands On: Emphasizing Sales of Business & Rental Real Estate FLEXCAST

Overview

Form 4797 is the Swiss army knife of tax forms - a large number of totally different transactions are reported on this form most involving the disposition of business assets. In this session we will analyze in detail each section of Form 4797 as we hands-on correctly enter the sale(s) of asset(s) in that section. Code Sections 1231, 1245, 1250, and 197 will be discussed as well as how to correctly enter the transaction in your tax software.

Highlights

Form 4797.

Prerequisites

None.

Designed For

CPAs and other tax professionals.

Objectives

Understand Code Section 1231, 1245 and 1250 transactions. Correctly report the sale of business assets and real estate. Compute both Section 1250 recapture and unrecapture. Identify when gain is ordinary income under Section 1245 or 1250. Understand how to make a Partial Disposition election.

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.