Form 4797 often creates confusion for tax professionals—but mastering it is essential for accurate reporting and strategic tax planning. This course provides a comprehensive deep dive into IRS Form 4797, covering the sale or exchange of business and income-producing property.
You’ll learn how to determine whether a transaction results in capital gain or ordinary income, identify the correct property classifications (§1231, §1245, §1250), and complete the appropriate sections of the form. We’ll also explore sales price allocation, depreciation recapture, and tax planning strategies to help you confidently navigate complex transactions.
If you want to eliminate uncertainty and deliver accurate, proactive tax solutions, this session is a must-attend. Register now and gain the expertise to handle Form 4797 with confidence.
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2028 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
Publication Date: July 2026
Designed For
All Tax professionals wanting a better review of Form 4797 and the components relating to this Form.
Topics Covered
- Ascertain Sales Price and Calculate Basis
- Categorize transaction into appropriate parts on Form 4797
- §1231 Property
- §1245 Property
- §1250 Property
- Allocation options of Sale Transactions
- Difference of Depreciation recapture and Capital Gain
- Form 8594
- Tax Planning
- Partial Dispositions
- Settlement Statements
Learning Objectives
- Identify the different parts of Form 4797 and their specific purposes
- Determine when and how to use Form 4797 for reporting sales and exchanges
- Classify property correctly under §1231, §1245, and §1250 rules
- Apply tax planning strategies related to sales allocation and depreciation recapture
- Evaluate the tax consequences of capital gain vs. ordinary income
Level
Overview
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
A.J. Reynolds
Recipient of the 2024 Excellence in Education Award from the National Association of Enrolled Agents.
A.J. Reynolds, EA has over thirty years of experience encompassing various areas of taxation. Though his practice centers on Individual, Business, and Estate Tax preparation, A.J. focuses a portion of his practice to IRS Representations. As diverse as his specializations, A.J.’s clientele, too, ranges from average workers to Fortune 500 executives. Additionally, A.J volunteers his time with the Iowa Legal Aid’s Managing Attorney assisting in Tax Court cases and assorted income tax issues.
A.J. brings his everyday “in the trenches” experience to seminars and webinars for multiple organizations to assist attendees with real issues affecting tax professionals.
A.J. started his tax career with a national CPA firm in San Diego, CA after proudly serving for five years in the United States Navy onboard the Guided Missile Destroyer USS Callaghan. While onboard the destroyer, the ship executed many missions in the Straits of Hormuz off the coast of Iran.
Outside of his tax practice, A.J. is a member of the Diocese of Sioux City Priests’ Pension & Welfare Board and the Investment Advisory Board for the Diocese. When not working, his time is spent in various activities, including traveling with his wife and their two children.