Description
- Qualifies for IRS CE
Designed For
Objectives
- Calculate gain or loss realized and recognized on business property dispositions.
- Identify the tax treatment of net Section 1231 gains and net Section 1231 losses.
- Determine the application of the Medicare contribution tax to property dispositions.
- Recall rules for depreciation subject to recapture when property was acquired in a nontaxable exchange transaction or by gift or bequest.
- Recall the requirements for deferring realized gain on an involuntary conversion.
- Understand the rules dealing with like-kind exchanges and involuntary conversions, all updated for tax reform.
- Apply proper treatment of involuntary conversions.
- Explain the deferral of realized gain or loss on a like-kind property exchange.
- Determine the amount of gain or loss on the sale of property.
- Determine the character of recognized gain or loss on the disposition of business property.
- Implement comprehensive property tax strategies to minimize taxes.
Highlights
- Sections 1231, 1245, 1250
- Depreciation recapture
- Capital gains and losses
- Non-recognition transactions
Advanced Prep
If you need this reported to the IRS for CE credit, email CPE@idcpa.org
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Leaders
William Taylor
William (Bill) F. Taylor, CPA is a professional speaker and a CPA with a small tax and consulting practice. Bill is also an Adjunct Assistant Professor in the Masters of Business Administration program at the University of Mississippi. He recently retired as President of Renasant Bank in Water Valley, MS.
Bill has worked in the Accounting, employee benefit and investment fields for over 25 years, beginning his career as the Employee Benefits Coordinator in the Jackson, MS office of KPMG Peat Marwick and managing his own firm since 1999. A nationally known consultant and speaker, Bill has conducted seminars for the American Institute of Certified Public Accountants, the American Society of Pension Professionals and Actuaries, more than 40 state CPA and Bar associations and other organizations. He was awarded the AICPA Outstanding Discussion Leader award multiple times and the James L. McCoy Discussion Leader of the Year Award from Surgent CPE . Bill is the author of Taxation of Employee Benefits Volume I and Volume II, and his articles have appeared in numerous publications.