Business Property: Gain, Loss, and Other Issues

Overview

The sale of business property adds complexity to the tax reporting process. To properly report the transaction, you need to calculate the adjusted basis, the amount realized, and gain or loss. Additionally, you need to know the holding period, property use, and depreciation information. This information will determine the gain or loss on the sale, the general character of the gain or loss, if there is depreciation recapture, and if the gain or loss must be recognized.

This course provides an overview of the reporting requirements relating to the sale of business property. Specifically, the course covers calculating gain or loss, determining the character of the gain or loss, appropriately reporting the transactions, and how to handle special situations including installment sales, foreclosures, involuntary conversions, and like-kind exchanges.

Learning Objectives

After successfully completing this course, you will be able to:

  • determine the gain or loss on the sale of business property, including determining the amount realized and adjusted basis
  • determine the character of any gain or loss on the sale of business property and properly reporting the transaction including any depreciation recapture
  • properly report special situations relating to the sale of business property, including installment sales, foreclosures, involuntary conversions, and like-kind exchanges

Tax Year: 2019

Designed For

CPAs, EAs, and other tax professionals
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