This course covers the proper use of Form 4797, Sales of Business Property. The four sections of Form 4797 are reviewed along with a discussion of how the results are reported on Form 1040.

Learning Objectives

  • Review selected IRC sections applicable to business use assets.
  • Understand the tax treatment of gain from §1245 recapture, §179 recapture, §1250 unrecaptured gain, and §1231 gain.
  • Be able to describe the tax treatment of losses from the disposition of business use assets.
  • Calculate the five-year loss lookback required for §1231 gains.
  • Know which business use assets belong on which Form 4797 section.

Education Information

Length: 100 minutes plus question-and-answer session

Prerequisite: None

Advanced Preparation: None

Program Level: Basic

IRS Program Number for Self-Study On-Demand Webinar: NMVBP-T-00155-20-S 

Delivery Method: Self-Study

Field of Study: Federal Tax (IRS)

Credit hours: 2 IRS

Instructor: Kevin C. Huston, EA, USTCP Click here to learn more about the instructor

All continuing education credit is provided through Gregory & Associates, Inc. which is doing business as Compass Tax Educators. Click here for more information regarding our education policies.

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