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Course Details

IRC Section 1031 - Like-Kind Exchanges (Video) (Course Id 1042)

Updated / QAS / Registry / EA
Author : Stuart Sobel, Enrolled Agent (EA), Author, Radio Host, Indiana University Faculty
Status : Production
CPE Credits : 2.0
IRS Credits : 2
Price : $29.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 1042

Description :

IRC section 1031 represents the ultimate in tax planning: realize income without having it recognized for tax purposes. However, if tax planning is improper, the consequences can be significant, as the taxes may leave insufficient cash to buy the replacement property.

Creating a like-kind exchange requires tax planning and proper execution. To ensure that clients receive favorable tax treatment, it is vital that the practitioner act as the focal point in the transaction with taxpayers, realtors, attorneys, and escrow agents.

This course, which is geared to the tax professional specializing in tax planning as well as tax preparation, will provide an in-depth analysis of this challenging code section.

Who should attend: Tax practitioners

Topics covered:

    • History of section 1031
    • Tax consequences of sale and exchange of property
    • Realized and recognized gain
    • Advantages and disadvantages of like-kind exchanges
    • Applicability of section 1031 to
      o Trade, business, or investment property
      o Personal residence or vacation home
    • Like-kind property
    • Planning issues:
      o Timing
      o Identification rules
      o Same taxpayer requirement
      o Exchanges between related parties
      o Impact of boot
    • Depreciation recapture
    • Disallowed exchanges
    • Types of tax-deferred exchanges
      o Deferred exchanges
      o Reverse exchanges
      o Multiple property exchanges
    • Proper reporting of like-kind exchanges
    • Depreciation of property acquired in like-kind exchanges
    • Estate planning tips
    • Summary

Usage Rank : 0
Release : 2018
Version : 1.0
Prerequisites : None.
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 : 02-Apr-2018
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 - 1042

Keywords : Taxes, IRC, Section, 1031, LikeKind, Exchanges, Video, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

    • Be able to identify qualifying like-kind property
    • Know how to avoid unplanned tax consequences of improperly executed exchanges
    • Know how to calculate the tax basis of property involved in an exchange
    • Know how to report a like-kind exchange on a tax return
Course Contents :

Chapter 1 - IRC Section 1031 - Like-Kind Exchanges

 

Chapter 1 Review Questions

 

Tax Transcript Glossary

CPE Taxes Course: https://www.cpethink.com/irs-ea-cpe-courses
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