20SS-0196: Surgent's Taking Advantage of Installment Sales and Like-Kind Exchanges (Self-Study)
Valid for one year from purchase date
Self-study - Downloadable PDF
4 CPE (4 technical) | 4 IRS CE
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When real property is sold for a gain, we always try to find ways to defer recognizing income so it won't be necessary to send a check to Uncle Sam. There are two provisions within the Internal Revenue Code that allow the taxpayer to defer recognition of immediate taxable gain in the year of sale: installment sales and like-kind exchanges. Knowing how and when to utilize these provisions makes the CPA very valuable to either their client or the entity they work for.
Major subjects
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How does the IRC define an installment sale under Section 453?
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When can a taxpayer utilize the provisions of IRC Section 453?
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When should a taxpayer utilize the provisions of an installment sale and when should it be avoided
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How does the issue of a "dealer" vs. a "non-dealer" impact the use of the installment sale method
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How to report an installment sale when related parties are involved
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How to calculate an installment sale
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How has the Tax Cuts and Jobs Act impacted the use of the Installment Sale Method
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What is a like-kind exchange as defined by IRC Section 1031
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When can a taxpayer utilize the provisions of IRC Section 1031
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What types of real property are eligible for like-kind exchange treatment and what types are not
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What is "boot" and how does it impact the like-kind exchange deferral
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How to calculate a like-kind exchange including any taxable portion
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How has the Tax Cuts and Jobs Act impacted the use of like-kind exchanges
Learning objective(s)
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Learn when and how to utilize the provisions of IRC Section 453 in order to defer recognizing gain on the sale of real property via installment sales
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Learn when and how to utilize the provisions of IRC Section 1031 in order to defer recognizing gain on the sale of real property via a like-kind exchange
Who should take this program?
CPAs who either represent or work for entities that own real property
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