Form 4797 Deep Dive: Sale of Business Property FLEXCAST

Overview

Simply put, IRS Form 4797 is a tax form that’s used specifically for reporting the gains or losses made from the sale or exchange of business and income producing property used in a trade or business. However, this form often generates a countless amount of uncertainty and anxiety. This course will assist tax pros in determining whether a transaction is a capital gain or ordinary income and what tax consequences are associated with each. Furthermore, it will clarify what parts of Form 4797 need to be completed and their holding periods. A detailed example on the Sale of Business and Rental Property is provided. This course will provide you with the confidence to deal with these situations. So join us in deciphering the mystery of Form 4797.

Highlights

Basics of Gifts. Installment Sales. Form 8594.

Prerequisites

None.

Designed For

CPAs and other tax professionals.

Objectives

Correctly identify Section 1231 Property. Examine the difference between Section 1245 and 1250 Property. Ascertain the Sales Price. Calculate Basis. Categorize transactions into their appropriate parts on Form 4797. Differentiate between depreciation recapture and capital gain. Identify Un-Recapture Depreciation. Evaluate 199A in reference to Section 1231, 1245, and 1250.

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.