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Course Details

Installment Sales - Tax Mini Course (Course Id 134)

Updated / QAS / Registry / EA   Add to Cart 
Author : Danny C Santucci, JD
Status : Production
CPE Credits : 2.0
IRS Credits : 2
Price : $19.95
Passing Score : 70%
Primary Subject-Field Of Study:

Taxes - Taxation for Course Id 134

Description :

An installment sale is a sale of property where one or more payments are received after the close of the tax year. This mini-course discusses the particulars of installment sales, including requirements, calculation and pitfalls. Cross issues such as a combined installment sale and like-kind exchange, the impact of related parties, pledging, repossession and contingent payments are reviewed. Also, the importance of recognizing the dangers of dealer status, inventory, purchase price allocation, and installment note disposition are emphasized.

Usage Rank : 0
Release : 2017
Version : 1.0
Prerequisites : General understanding of federal income taxation.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 28-Aug-2017
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - IRS Enrolled Agents - 134

Keywords : Taxes, Installment, Sales, Tax, Mini, Course, cpe, cpa, online course
Learning Objectives :

As a result of studying the assigned materials, you should be able to meet the objectives listed below.

ASSIGNMENT
    At the start of the materials, participants should identify the following topics for study:
      * Installment method
      * Installment income
      * Imputed interest & OID
      * Related party sales
      * Like-kind exchanges
      * Contingent payments or price
      * Sale of a business
      * Dealer dispositions
      * Installment notes in excess of $5 million
      * Dispositions of installment obligations
Learning Objectives:
    After reading the materials, participants will be able to:
      1. Recognize the importance, particularly in tax deferral, of the installment method and, identify 453 requirements noting installment method terminology.
      2. Specify the imputed interest, OID and 1038 repossession rules affecting installment sales and subsequent repossessions.
      3. Identify the following 453 pitfalls and complexities: the related party limitation, the regulations governing the use of the installment sale method in like-kind exchanges and the contingent payment sale rules.
      4. Determine how to allocate and report installments payments among identified asset classes using R.R. 76-110 and the residual method noting 453 prohibitions on certain assets regarding dealer dispositions and inventory.
      5. Identify the amount of interest payable on tax-deferred income when 453 dispositions exceed $5 million and circumstances considered taxable dispositions of installment obligations to determine when any gain or loss is recognized.
Course Contents :

Chapter 1 - Installment Sales

 

Installment Method

Requirements  2

Formula

Dealers

Special Rule

Sale at a Loss

Installment Income

Interest Income

Gain

Definitions & Terminology

Installment Sale

Selling Price

Selling Price Reduction

Allocation

Basis & Adjusted Basis

Installment Sale Basis

Selling Expense

Gross Profit

Contract Price

Gross Profit Percentage

Income from Sale

Payments in Year of Sale

Electing Out of the Installment Method

Selling Price

Fair Market Value

How to Elect Out

When to Elect Out

Payments

Buyers Note

Assumed Expenses

Mortgage Assumed

Mortgage Less Than Basis

Mortgage More Than Basis

Wrap-around Mortgages

Mortgage Canceled

Debts

Payments of Property

Fair Market Value

Third-Party Notes

Bonds

Guarantees

Deposits

Pledging

Limit on Payment Treatment

Exception

Escrow Accounts

Escrow Established In a Later Year

Substantial Restriction

Recapture

Imputed Interest & OID

Complexity

Sale at a Loss

Section 483 - Imputed Interest

Exemptions

Imputed Interest Rates

Small Transaction Exception

Intra-family Land Exception

Timing

Sections 1271-1274 Original Issue Discount (OID)

OID Rates

Timing

Cash Method Debt Instrument Exception

Computation of OID

Personal Use Property - Buyers Deduction of Imputed Interest

Repossession

Section 1038 - Repossession by Seller

Repossession of Principal Residence

Related Party Sales

Sale of Depreciable Property

Exception

Resale Rule

Related Persons

Exceptions

Like-Kind Exchanges

Installment Payments

Final Regulations & Delayed Exchanges

Contingent Payments or Price

Installment Sales Revision Act of 1980

Contingent Payment Sale

Maximum Selling Price Transactions

Recomputation

Fixed Payment Term Transactions

Losses

Transactions with Neither Maximum Selling or Fixed Payment Term

Losses

Income Forecast Method

Election

Calculation

Special Rules

Qualification

Single Sale of Several Assets

Sale of a Business

Residual Method

How to report

Inventory

Sale of Partnership Interest

Dealer Dispositions

Definition

Residential Lot & Timeshare Exception

Interest Computation

Qualification

Installment Notes in Excess of $5 Million

Computation of Interest

Definitions

Pledging

Dispositions of Installment Obligations

Gain or Loss

Exceptions

Substitution

Tax-free Transfers

Transfers between Spouses or Former Spouses

Gifts

Cancellation

Forgiving Part of the Debt

Assumptions

Death Transfers

Basis

Sale of Future Cash Flow

 

Glossary

Taxes Course 134 Home: https://www.cpethink.com/tax-cpa-courses
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