Professionals learn about business property-related timing issues and planning opportunities that can lead to tax savings.
Learning Objectives
- Calculate gain or loss realized and recognized on business property dispositions.
- Apply the capital losses limitations and preferential tax rates on capital gains.
- Determine the impact of depreciation recapture on a taxpayer's taxable income and tax liability.
- Determine the tax basis of property received in a like-kind exchange.
- Determine allowable cost recovery deductions for replacement property acquired in a like-kind exchange or involuntary conversion.
Major Topics
Sections 1231, 1245, and 1250
Depreciation recapture
Capital gains and losses
Nonrecognition transactions
