Form 4797 - Sale of Business & Rental Property

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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 Property will be provided. This course will provide you with the confidence to deal with these situations. So join us in deciphering the mystery of Form 4797.

Detailed example on the Sale of Business & Rental Property will be provided and analyzed.

Learning Objectives
After completing this course, an attendee will be able to:

  • Examine the difference between §§ 1245 and 1250 Property.
  • Correctly identify § 1231 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.
  • Calculate 199A in reference to §§ 1231, 1245, and 1250.

CPE Credit: 2 hours Federal Tax Law

Speaker: Allan J. "A.J." Reynolds, EA

NSA Webinar Program Level: Basic Prerequisites: None   Advance Preparation: None   Delivery Method: Group-Internet Based

No refunds or exchanges for cancellations. For more information regarding refund, complaint and/or program cancellation policies, please contact NSA toll-free at 800-966-6679.

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NSA is approved by NASBA, the IRS, ACAT, and CTEC as a provider of continuing professional education.

Allan Joseph Reynolds

President

ABC Bookkeeping & Tax Services Inc

A.J. Reynolds, EA has over thirty years of experience encompassing various areas of taxation. Though his practice centers on Individual, Business, and Estate Tax preparation, A.J. focuses a portion of his practice to IRS Representations. As diverse as his specializations, A.J.’s clientele, too, ranges from average workers to Fortune 500 executives. Additionally, A.J volunteers his time with the Iowa Legal Aid’s Managing Attorney assisting in Tax Court cases and assorted income tax issues.

A.J. brings his everyday “in the trenches” experience to seminars and webinars for multiple organizations to assist attendees with real issues affecting tax professionals.

A.J. started his tax career with a national CPA firm in San Diego, CA after proudly serving for five years in the United States Navy onboard the Guided Missile Destroyer USS Callaghan. 

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NSA is approved by NASBA, the IRS, ACAT, and CTEC as a provider of continuing professional education.

The National Society of Accountants is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: https://www.nasbaregistry.org/.

NSA has been approved by the California Tax Education Council to offer the above courses to go towards the annual "continuing education" requirement imposed by the state of California. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, by phone at (877) 850-2832, or on the Internet at www.ctec.com.