Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2026 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
This five- hour CPE course, the fifth in the 1040 Preparation and Planning series, covers gains and losses, involuntary conversions, basis, capital and ordinary assets, and capital gains and losses.
Tax developments reflected in this course, including changes made by the Consolidated Appropriations Act, 2023 (which includes SECURE Act 2.0), the Inflation Reduction Act of 2022, and other tax legislation, IRS pronouncements, and court decisions, are extensive. They impact 2023 tax year returns that will be filed during the 2024 filing season and refund opportunities for earlier years; as well as point the way to strategic planning in 2024 and beyond. This course brings the tax preparer "up-to-speed" in preparing 2023 tax returns for the 2024 filing season.
Publication Date: September 2023
Topics Covered
- Gain or Loss on the Sale or Exchange of Property
- Realized Gain or Loss
- Capital Gains Tax
- Capital Assets
- Exceptions for Capital Assets
- General Treatment of Capital Gains
- Exceptions for General Treatment of Capital Gains
- Determination of the Transaction's Tax Treatment
- Exchanges of Property
- General Treatment of Capital Losses
- Treatment of Capital Losses in Excess of Capital Gains
- Basis
- Purchase and Sale of a Going Business
- Loss on Property Acquired by Gift
- Adjustments for Gift Taxes Paid
- Securities Acquired at Different Prices
- Property Settlements
- Capital Gain Distributions
- Holding Period
- Section 1231 Gains and Losses
- Reporting Cryptocurrency Transactions
- Installment Method of Reporting Income
- Mark-to-Market Accounting for Traders in Securities
- Home Sale Exclusion
- Gain Allocated to the Period of Nonqualified Use
- Definition of a Principle Residence
- Special Marital Situations
- Unforeseen Circumstances
- Business Use of a Home
- Section 1244 Stock
- Nonbusiness Bad Debts
- Like-Kind Exchanges
- Exchange of Securities
- Involuntary Conversions
Learning Objectives
- Explain how taxable income affects the capital gains rate
- Describe what a capital asset is
- Explain tax basis and holding period
- Recognize how to figure gain or loss
- Recognize how to apply the capital loss limitation
- Explain the wash sale rule
- State the tax treatment of cryptocurrency
- Determine reporting under the installment sale rule
- Determine whether a transaction qualifies as a like-kind exchange
- Explain the rules for involuntary conversions
- State the tax benefits for Opportunity Zone investments
- Complete Form 8949 and Schedule D of Form 1040 or 1040-SR
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (5 hours)
Program Prerequisites
None
Advance Preparation
None
Instructors
Barbara Weltman
Barbara Weltman, JD, has written extensively on a wide variety of tax, small business, and financial planning matters for both professionals and the general public. The Wall Street Journal called her “the guru of small business taxes.” She is the author of a number of self-study programs for CCH. She is publisher of Big Ideas for Small Business® and Idea of the Day® found at www.BigIdeasForSmallBusiness.com and is a guest blogger for the SCORE and many other sites. Ms. Weltman is a graduate of Brooklyn Law School.
Sidney Kess
Sidney Kess, Esq., CPA, JD, LLM, Of Counsel, Kostelanetz & Fink, LLP, New York, NY is a nationally renowned tax expert and author/coauthor of hundreds of tax books on financial and estate planning. Having lectured to more than 50,000 practitioners on tax, financial, and estate planning, he is one of the nation’s best known lecturers in continuing professional education. Mr. Kess is consulting editor of CCH Incorporated’s Financial and Estate Planning Repoorter. Mr. Kess was chairman of the advisory board of Tax Hotline and is a member of the PPC Tax Action Panel. He has edited a column on “Tax Tips” for the New York Law Journal for the past 43 years. Mr. Kess edits the AICPA’s CPA Client Bulletin and CPA Client Tax Letter. He is Executive Editor of CPA Magazine. He has also written hundreds of AICPA tax workshops, audio and video programs, and is the recipient of the AICPA Distinguished Lecturer Award. Mr. Kess is often quoted in The Wall Street Journal, The New York Times, and other national publications. He was included in Accounting Today’s “100 Most Influential CPAs in the U.S.” for several years as well as CPA Magazine’s “Most Influential CPAs in the U.S.” Mr. Kess was the National Director of Tax at KPMG Main Hurdman and a tax partner at KPMG Peat Marwick. Mr. Kess is the recipient of the AICPA’s “Special Recognition Award” for his many years of contributions to the AICPA’s continuing professional education program, received the 2011 AICPA Gold Medal Award for Distinguished Service to the Accounting Profession, which is the highest award in the industry, and was elected to the Estate Planning Hall of Fame by the National Association of Estate Planners & Councils for his distinguished service to the field of estate planning. The AICPA established the Sidney Kess Award for Excellence in Continuing Education to recognize individual CPAs who have made significant and outstanding contributions in tax and financial planning and whose public service exemplifies the CPA profession’s values and ethics. Sidney Kess was the first recipient of this Award. Mr. Kess was inducted into the New York State Society of CPAs’ Hall of Fame. He received his JD from Harvard University School of Law, LLM from New York University Graduate School of Law, and BBA from Baruch College.
Greg White
Greg White, CPA, taught for 14 years as an adjunct professor for Golden Gate University. He’s admitted to practice before the United States Tax Court. He is a founder and shareholder, in WGN PS in Seattle, WA. He has been named a Top 50 IRS Representation Practitioner in the U.S. by CPA Magazine and has taught for a number of professional organizations. Greg enjoys the technical side of tax, but also likes to have fun in class.