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Sale of Business Property

Tax CE >> Oregon >> Tax Preparer
Study Level:  Intermediate
Delivery Method:  Online self-study
Provider of Record: WebCE
Tax Year: 2015
Field of Study: Taxes
Prerequisites: Students taking this course should have:
  • completed the course "Schedule D (Form 1040) Overview," or
  • have equivalent knowledge.
Course Description:
This video-based course, presented by well-known author and presenter Larry Gray CPA, teaches you how to complete form 4797 addressing gains and losses on sales of business property.  He gives a brief history of the rules, instructs how to check for any recapture and 1231 gain/loss, and walks through Form 4797 with multiple examples.  

Topics covered include:
  • Sale of 1231 Assets, 
  • The 4 Parts of Form 4797
  • What is treated as depreciation
  • 1245 and 1250 recapture examples
Learning Objectives:
Upon successful completion of this course, students will be able to:  
  • Identify the types of gain or loss that resulted from a sale;
  • Identify the key factors that dictate the type of gain or loss, or if the property is subject to the 1231 rules;
  • Determine types of property and deprecation shown on the different parts of form 4797;  
  • Calculate the gain or loss, and address recapture if necessary;
  • Determine how prior year losses are shown on form 4797.