Compass Tax Educators

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