Compass Tax Educators

You must complete this course by 12/31/26 to earn continuing education.

In this course, we look at information that is provided in a typical consolidated 1099 which requires the tax professional to think beyond basic data entry.  Topics include how to report the sale of a publicly traded partnership (PTP), how to adjust for qualified dividend and capital gain income on Forms 4952 and 1116, and how to look for clues that cost basis reported for both covered and noncovered securities may be inaccurate or incomplete. We use actual tax documents to illustrate each of these topics.

Learning Objectives

• Calculate the tax outcomes from the sale of a PTP. 
• Explain the adjustments for capital gain and qualified dividend income on Form 1116. 
• Describe when Form 4952 is needed to report investment interest expense and strategies for maximizing the deduction.
• Identify when cost basis reported on the 1099 may be inaccurate or incomplete and how to properly report the cost basis on the return.

Education Information
IRS Program Number: NMVBP-T-00242-23-S
Credit hours: 2 NASBA CPE / 2 IRS CE
Prerequisite: None
Advanced Preparation: None
Program Level: Basic
Delivery Method: QAS Self-Study (NASBA); On-Demand (IRS)
Field of Study: Taxes (NASBA); Federal Tax Topics/Federal Tax Related Matters (IRS)

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Course expires one year after purchase.

Instructor: Kelly Lent-Paul, EA, CFP, MBA Learn more about our instructors here.

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 refund and education policies.