Topics covered include:
Statutory Requirements of Like-Kind Exchanges;
Realized and Recognized Gain Computations;
Basis of Replacement Property;
Deferred Exchange Mechanics and Documents;
Uses of Settlement Statements;
Identifying 'Same' Taxpayer;
Form 8824 Reporting Mechanics;
How to proof basis computations;
Dealing with exchange closing costs;
Form 1065 reporting issues;
Form 1065 Exchange Questions;
Partnership Debt Issues at Year-End;
At-Risk Basis Issues;
Passive Loss issues;
Title Parking Arrangements.
Upon completing this course, you should be able to:
Describe essential tax reporting issues and obligations in like-kind exchanges;
Identify planning opportunities with like-kind exchanges;
Recognize and apply best practices for preparing returns that include like-kind exchanges;
Differentiate true statements regarding Section 1031 requirements;
Identify the appropriate formula for calculating the basis in the new property in a 1031 exchange;
Recognize proper qualified intermediary facilitated exchanges;
Identify which form must be attached to the return for the year of the sale of the relinquished property in a 1031 exchange;
Describe statements related to partnership debt reporting;
Recognize the tax basis of replacement property in a 1031 exchange;
Calculate the basis of new property in a 1031 exchange, the logical basis is acquisition cost of new property;
Identify the basis of the new property;
Recognize a sale-purchase to qualify as an exchange;
Recognize when deferred exchanges must be identified or received.
$ 34.00
Course is unavailable for purchase.
NASBA Field of Study
Taxes
Level
Intermediate
CPE Credits
2.0
Prerequisites
Basic understanding of federal income taxation.
Last Updated
10/03/2018
12655
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