The transfer taxes are the gift tax, the estate tax, and the generation skipping transfer tax. While these are separate taxes from the income tax, some of the core concepts inform income tax issues as well. This webinar is a high-level overview of the gross estate and completed gifts, highlighting the intersection between estate inclusion and income tax issues.

1 IRS CE REGISTER HERE

Self-Study recording not available for NASBA CPE credit. However, you receive 1 IRS CE Credit.

As part of our strategic plan, we offer free courses to give back to the tax community by providing free CE. It is our way of thanking you for supporting us!

REGISTER HERE

View Upcoming Webinars

Simply put, IRS Form 4797 is a tax form that’s used specifically for reporting the gains or losses made from the sale or exchange of business and income producing property used in a trade or business. However, this form often generates countless amounts of uncertainty and anxiety.

This course will assist tax pros in determining whether a transaction is a capital gain or ordinary income and what tax consequences are associated with each. Furthermore, assist on allocation of sales price and provide tax planning overview. Join us in deciphering the mystery of Form 4797.

Learning Objectives REGISTER HERE

– Analysis of Tax Planning and difference between the Seller’s and Buyer’s tax treatment
– Analysis of Allocation of Sales Price on different classes of assets
– Discovery Basic choices regarding the Allocation of Sales Price
– Correctly identify § 1231 Property.
– Examine the difference between §§ 1245 and 1250 Property.
– Inspect issues surrounding de minimis safe harbor of repair regulations.
– Assess Form 8594 and the seven classes of assets
– Differentiate between depreciation recapture and capital gain.
– Identify Unrecapture Depreciation.

1 IRS CE
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Introduction

Most people are relatively familiar with the importance of contracts when doing business or transferring property interests. They often rely on a general understanding of freedom of contract and the enforceability of voluntary contractual commitments, to enter contracts without legal advice.

Mandatory Legal Norms & Contracts

Less people are aware of how significantly background law can impact contracts, whether cemented in judicially developed case law, legislatively created statutes, or rules and regulations adopted by administrative agencies. When legal norms are mandatory, they are not waivable by contract, and they can have significant consequences on intended contractual arrangements.

Potential Consequences

Failure to consider background law can have an array of consequences, including fines or penalties. It can result in the non-enforceability of a contractual provision. In certain situations, it can even result in the nullity of a contract. For reasons like these (and many others), it is nearly always a good idea to consult with a qualified attorney when creating important contracts. This is true when creating contractual templates to be used repeatedly by a business, and when contracts address a sensitive subject matter like real property rights, transactions in securities, or employment. It should almost go without saying (but people sometimes need reminding) that this is especially the case when the value underlying an agreement is substantial.

Examples

The below paragraphs offer a few specific examples of how background law can impact contractual relationships. As the reader will note, failure to contemplate them can lead to extremely adverse consequences.
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Simply put, IRS Form 4797 is a tax form that’s used specifically for reporting the gains or losses made from the sale or exchange of business and income producing property used in a trade or business. However, this form often generates countless amounts of uncertainty and anxiety.

This course will assist tax pros in determining whether a transaction is a capital gain or ordinary income and what tax consequences are associated with each. Furthermore, assist on allocation of sales price and provide tax planning overview. Join us in deciphering the mystery of Form 4797.

Learning Objectives REGISTER HERE

– Analysis of Tax Planning and difference between the Seller’s and Buyer’s tax treatment
– Analysis of Allocation of Sales Price on different classes of assets
– Discovery Basic choices regarding the Allocation of Sales Price
– Correctly identify § 1231 Property.
– Examine the difference between §§ 1245 and 1250 Property.
– Inspect issues surrounding de minimis safe harbor of repair regulations.
– Assess Form 8594 and the seven classes of assets
– Differentiate between depreciation recapture and capital gain.
– Identify Unrecapture Depreciation.

1 IRS CE
Read More

The transfer taxes are the gift tax, the estate tax, and the generation skipping transfer tax. While these are separate taxes from the income tax, some of the core concepts inform income tax issues as well. This webinar is a high-level overview of the gross estate and completed gifts, highlighting the intersection between estate inclusion and income tax issues.

1 IRS CE REGISTER HERE

Self-Study recording not available for NASBA CPE credit. However, you receive 1 IRS CE Credit.

As part of our strategic plan, we offer free courses to give back to the tax community by providing free CE. It is our way of thanking you for supporting us!

REGISTER HERE

View Upcoming Webinars