Duration: 100 minutes
Course Level: Intermediate
Prerequisite: Basic knowledge of income taxation
Advanced Preparation: None
Delivery Method: Self-Study
Field of Study|
IRS *||2||EA||Federal Tax Law Topic|
CTEC||2||CRTP||Federal Tax Law Topic|
CFP Board||2||CFP®||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
A like-kind exchange is a powerful tool taxpayers can use to defer gain recognition from the sale of property. A like-kind exchange can be accomplished in a number of ways. Nonetheless, there are specific rules that must be followed in order to completely defer the recognition of gain. A tax professional must be able to advise taxpayers of these rules to avoid an unexpected tax liability. Once a like-kind exchange has been accomplished, a tax professional must calculate the basis in the new property received as well as report the sale on Form 8824, Like-Kind Exchanges. This on-demand webinar will help tax professionals provide the proper information to their clients engaging in a like-kind exchange transaction.
Upon completion of this on-demand webinar, you will be able to:
- Explain the rules and regulations of §1031.
- Define the terminology used during an exchange, including qualified exchange accommodation arrangement (QEAA).
- Recognize eligible property for an exchange.
- Explain how debt affects exchange transactions.
- Calculate the realized gain or loss and recognized gain or loss for an exchange transaction.
- Calculate the basis of property received in a like-kind exchange transaction.
- Complete Form 8824, Like-Kind Exchanges.
- Discuss depreciation issues related to like-kind exchanges.
Lawrence (Larry) Zimbler, MST, EA
CPE Sponsor Information