Form 4797
Proper Preparation of Form 4797 and Discussion of §1245 Recapture, §179 Recapture, Unrecaptured §1250 Gain, and §1231 Gain -Recorded 10/22/20
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.