1040 Workshop: Sec. 3: Property Transfers and Retirement Plans (6.5 hrs)

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Course Description

1040 Workshop Sec. 3

This is Section 3 of the 1040 Workshop. The complete 4-part course is designed to make the practitioner comfortable with “high traffic” issues, enabling participants to discuss and handle individual 1040 tax essentials. The course examines and explains practical aspects of return preparation and individual planning, bridging the gap between theory and application. Significant new developments are summarized with an emphasis on tax savings ideas. Practical applications and illustrations are used to systematically explore tax deferral, reduction, and elimination opportunities accompanying return preparation. For example, the analysis of gross income is discussed together with income splitting techniques; property transactions are examined alongside like-kind exchanges and involuntary conversions. The result is an extraordinary blend of the latest developments affecting individual returns and their related planning ideas.

Section 3: Property Transfers and Retirement Plans covers the following topics, and more:

* Sales and exchanges of property
* Home sale exclusion
* Installment sales
* Repossession
* Involuntary conversions
* At-risk rules
* Like-kind exchanges
* Retirement plans

This course is accepted by the IRS as CE credit for enrolled agents.

Course Information

Price: $63
This course is included in our Mega CPE Special and our Unlimited Tax Bundle

Course No. 9012-3
Instructional Delivery Method: QAS Self-Study
Format: Online pdf (119 pages). Printed book available.
Prerequisites: General understanding of federal income taxation
Advance Preparation:None
Level: Overview
CPE Credit: 6.5 hrs. (6 hrs. for IRS PTIN reporting)
Field of Study: Taxes: Technical
Course expiration:  You have one year from date of purchase to complete the course.
Course Revision Date: January 2024


Property Transfers and Retirement Plans

Learning Objectives

  1. Specify the tax consequences on the sale of easements and the holding period and basis of inherited property.
  2. Identify the application elements of the §121 home sale exclusion specifying the ownership and use requirements.
  3. Recognize the §453 installment method requirements, the residential lot exception, and the pledging rule limitation.
  4. Identify the elements necessary for a §1038 repossession, the different rules for real property and personal property repossessions, and calculating basis and gain on repossession
  5. Specify the tax treatment of a §1033 involuntary conversion on condemnation or threat of condemnation; differentiate between condemnation awards and severance damages; and identify replacement periods needed to postpone gain.
  6. Recognize the scope of the §465 at-risk rules and their effect on property depreciation, and identify the requirements, taxation, and types of §1031 like-kind exchanges.
  7. Identify planning considerations for benefit planning and funding a qualified retirement plan; determine the compensation base used for funding calculations and the impact of PBGC insurance in assuring benefits.
  8. Identify the requirements of the basic forms of qualified pension plans permitting clients to compare and contrast such plans.
  9. Differentiate defined contribution and defined benefit plans; specify the types of defined contribution plans particularly Keogh plans and IRAs identifying their effect on retirement benefits.
  10. Identify how self-employed plans differ from qualified plans for other business types and owners; and specify the requirements of IRAs and the Roth IRAs recognizing their contribution, rollover, and RMD requirements and restrictions.
  11. Determine what constitutes SEPs and SIMPLEs recognizing the mechanics and eligibility requirements of each type of plan.


Ratings and Reviews

Avg. Rating
7 Ratings
What's your experience? We'd love to know!
Barry Sims
Posted 5 months ago
Comprehensive Course

I found this course very comprehensive and clearly written. It can easily be used as a reference in researching tax laws and preparing tax returns.

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Thomas Courtney
Posted 5 months ago
Good Course

Very well written course.

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Benjamin Harmon
Posted 7 months ago
Property Transfers and Retirement Plans

Relevant information, easy to follow.

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Aditi Khatri
Posted 7 months ago


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Mike Mondiello
Posted 7 months ago


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Marcia Tsabary
Posted 8 months ago
Interesting material, very detailed

Liked that I was able to learn alot of practical information

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Syamaladevi Prasad Duggirala
Posted 11 months ago
The subject matter has been presented satisfactorily

Good Presentation

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