Capital Assets and Preparing Schedules D and 4797 (OnDemand)

  • Credits: 4
  • Format: OnDemand® Webinar
  • Field of Study: Federal Tax Law
  • Author/Speaker: Sheldon Clark

*Content Preview
Available Formats:        
Advanced Preparation: None
Experience Level: Overview
Program Prerequisites: General Understanding of Business Taxation
Course ID: EWTFM-T-01859-22-O | 6233-CE-0578
Published Date: © Nov 2021

COURSE DESCRIPTION

This 4-hour webcast will provide practitioners with valuable information as to capital asset definitions, types, etc. as well as the preparation of Schedule D and Form 4797.

Topics include:
    • What is a capital asset?
    • What is not a capital asset
    • Basis of assets
      • Cost basis
      • Adjusted basis
      • Basis other than cost
    • When commodities derivative financial instruments held by a commodities derivatives dealer is considered a capital asset
    • Holding period of capital assets
    • Sale or exchange requirement
    • Sales and other dispositions of assets
    • Net capital gain or loss
    • Capital gain tax rates
    • Tax treatment of capital losses
    • Reporting of capital gains and losses
      • Schedule D purpose and preparation
      • Form 4797 purpose and preparation
    • Related party sales and exchanges
    • Asset capitalization and expensing
    • Selected legislation
    • Small business IRC §1244 stock

Learning Objectives:

After reading the course material, you will be able to:

  • Provide an in-depth discussion of capital assets
  • Improve comprehension with respect to capitalization vs. expensing of certain capital assets
  • Provide related information as to the tax accounting of these items

Who Should Attend:
  • All Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Other Tax Return Preparer (OTRP)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s:
NASBA
IRS
CTEC