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Disposing of a Business Asset

 
 
Duration: 100 minutes
Course Level: Basic
Prerequisite: None
Advanced Preparation: None
Delivery Method: Self-Study 
 
CPE Credits Designation Field of Study
IRS *2EAFederal Tax Law Topic
NASBA0CPAN/A
CTEC2CRTPFederal Tax Law Topic
CFP Board2CFP®Income Tax Planning

* NATP will report CPE credits to the IRS for all PTIN holders. CPE is currently not mandatory for RTRPs or RTRP candidates and any option to register or participate in this program is strictly voluntary.

Fees: $52 for Members and $64 for Nonmembers
 
Summary
The disposition of a business asset occurs on a frequent basis among business entities. The various types of dispositions include sales, abandonments, foreclosures and repossessions. The proper reporting of these dispositions is important, depending on the asset type, as the gain or loss could be treated as capital or ordinary. Depreciation is an important factor in the determination of a capital or ordinary gain or loss. Tax professionals should not rely on their software to determine the proper treatment. This on-demand webinar should not to be missed if Form 4797, Sales of Business Property, causes headaches.
 

Objectives
Upon completion of this on-demand webinar, you will be able to:

  • Identify the different types of assets and properly classify the assets.
  • Discuss the different types of dispositions.
  • Distinguish between a §1231 gain or loss and a §1245 or §1250 gain when an asset is disposed of.
  • Identify when a drop in business usage of an asset creates depreciation recapture.
  • Complete Form 4797 and define when to use Part I, II, III or IV.

Presenter: Jaye Tritz, EA, CFP®

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