Reporting Sales of Business Assets Using Form 4797
2 CPE for AFSP, EA, CPA, CRTP
If you don't understand how to properly report the disposition of a business asset, your software won't either. Types of dispositions include sales, abandonments, foreclosures and repossessions. This session will guide you through the proper tax reporting of various disposition types, distinguishing between a §1231, a §1245 and a §1250 gain or loss, and properly completing a Form 4797, Sales of Business Property.
Objectives
Upon completion of this session, you will be able to:
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Explain the different types of dispositions
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Distinguish between a §1231, a §1245 and a §1250 gain or loss
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Identify when a drop in business usage of an asset creates depreciation recapture
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Prepare Form 4797 and determine when to use Part I, II, III or IV
CPE information
Duration: 100 minutes
Course level: Basic
Prerequisite: None
Advanced preparation: None
Delivery method: Group Live
