Sale of Business Property – 2017 Law – Course Manual Only

Course Content

Different rules apply to the sale of capital and noncapital assets. Gains and losses on the disposition of personal and investment property are taxed differently than gains and losses on the sale of business property. This course provides a close-up look of how to report dispositions of business-use assets on Form 4797.

Topics Covered

  • Character of gain or loss
  • Sale of business property
  • Section 1231 property
  • Section 1245 and 1250 property
  • Selling a business
  • Form 8594 Asset Acquisition Statement
  • Reporting section 1231 gains and losses
  • Line-by-line instructions for preparation of Form 4797 – Sale of Business Property
  • Comprehensive illustration of Form 4797
  • Sale of publicly traded partnerships (PTPs)
  • Passive activity loss rules for partner’s interest in a PTP
  • Comprehensive illustration – Sale of PTP interest

Objectives

By the conclusion of this course you should be able to:

  • Distinguish between a capital and noncapital asset
  • Evaluate where and when to report sales of business assets on Form 4797
  • Use Form 4797 to report disposition of business-use assets
  • Evaluate whether like-kind exchange rules apply to the sale/purchase of business assets
  • Describe how to figure the depreciation adjustment for sale of a vehicle where the standard mileage rate was claimed
  • Calculate ordinary and capital gain income on the sale of publicly traded partnership units
  • Determine the amount of passive activity loss that will be treated as a nonpassive loss on sale of an interest in a publicly traded partnership.

The course manual is delivered as a PDF document which you can download and print.

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Section 8.1

Course Manual Only

Course Type:

CPE Tax

Term:

2017 Tax Law

Registration Status:

Registration Open

Ends: Wednesday, November 13th, 2019 11:59 (PDT)

Course Status

Available

Started: Tuesday, November 13th, 2018 11:59 (PDT)

Ends: Friday, November 13th, 2020 11:59 (PDT)

Course Length:

0 Hours

Course Fees:

Course Materials $3.99
Total $3.99

Course Credits:   0

No CE is awarded with the purchase of this manual. You must enroll in and complete the full version of this course to received CE.

Field of Study

Taxes

Program Level

Intermediate

Prerequisite

Basic tax knowledge

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Basic Tax Law

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Students intending to write the Oregon State Tax Exam, must be at least 18 years of age, and have High School Diploma or GED. Students using our self-paced internet based program should prepare for classes by downloading and printing course materials. For more information including detailed course descriptions and learning objectives, view the details of each course, located on Pacific Northwest Tax School’s catalog pages at: https://www.pnwtaxschool.com/list-of-all-courses/

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Manuals distributed and programs sponsored by Pacific Northwest Tax School are designed to teach application of tax laws. Pacific Northwest Tax School works to provide accurate and timely material to students, however the school does not have any responsibility if human and/or mechanical error exists.  Accordingly, no assurance is given by Pacific Northwest Tax School that such information is totally comprehensive or accurate in its coverage of such subject matter. Information published or sponsored by Pacific Northwest Tax School should not be relied upon as a substitute for independent research to original sources of authority such as the Internal Revenue Code, IRS Publications and Internal Revenue Rulings. Pacific Northwest Tax School, its authors, and instructors do not render legal, accounting, or other non-educational professional advice. If legal advice or other expert assistance is required, the services of a competent professional should be sought.  Credit hours are subject to change without notice.

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