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Simply put, IRS Form 4797 is the form used specifically for reporting the gains or losses resulting from the sale or exchange of business and income producing property used in a trade or business. However, this Form 4797 often generates a countless amount 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, it will clarify what parts of Form 4797 need to be completed and their holding periods. Allocation of sales price and tax planning will also be examined. This course will provide you with the confidence to deal with these situations. So, join us in deciphering the mystery of Form 4797.
Who Should Attend
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
Learning Objectives
- Know the different parts of Form 4797
- When and How to use Form 4797
- Correctly identify § 1231 Property
- Recognize § 1245 & § 1250 Property
- Analyze Tax Planning Options
Level
Basic
Instructional Method
Group: Internet-based
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.