Topics covered include:
Definition of installment method;
Mechanics of installment method gain reporting;
Contingent payment installment sales;
Transfer of installment obligations
Interest charge on large; installment sale notes.
Upon completing this course, you should be able to:
Recognize when installment method applies;
Identify how gain is calculated and reported under the installment method;
Describe contingent payment installment sale rules and differentiate when and how they apply;
Identify special rules regarding transfer of installment obligations and interest charges on large installment obligations;
Recognize IRC Sections prescribe the requirements for calculating the gain on sale of property;
Differentiate court cases involved the consideration of the open transaction doctrine;
Describe proper statements with respect to contingent payment installment sales;
Identify special rules regarding installment sales;
Identify situations where the seller paid a contingent piece based on performance of a business in the future;
Describe the basic calculation of gain on sale of property;
identify and apply steps in applying the installment method.
$ 25.00
Course is unavailable for purchase.
NASBA Field of Study
Taxes
Level
Intermediate
CPE Credits
2.0
Prerequisites
Basic familiarity with sale transactions, including how to calculate gain and loss
Last Updated
02/01/2018
12530
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