Form 4797, Tax Planning, Sales Allocation and More!

Simply put, IRS Form 4797 is a tax form that’s used specifically for reporting the gains or losses made from the sale or exchange of business and income producing property used in a trade or business. However, this form often generates countless amounts of uncertainty and anxiety.
This course will assist tax pros in determining whether a transaction is a capital gain or ordinary income and what tax consequences are associated with each. Furthermore, assist on allocation of sales price and provide tax planning overview. Join us in deciphering the mystery of Form 4797.

Learning Objectives

- Analysis of Tax Planning and difference between the Seller’s and Buyer’s tax treatment
- Analysis of Allocation of Sales Price on different classes of assets
- Discovery Basic choices regarding the Allocation of Sales Price
- Correctly identify § 1231 Property.
- Examine the difference between §§ 1245 and 1250 Property.
- Inspect issues surrounding de minimis safe harbor of repair regulations.
- Assess Form 8594 and the seven classes of assets
- Differentiate between depreciation recapture and capital gain.
- Identify Unrecapture Depreciation.

1 IRS CE

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*Self-Study recording not available for NASBA CPE credit.