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-
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
* IRAs
* SIMPLEs
This course is accepted by the IRS as CE credit for enrolled agents.
Course Information
Price: $74
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 (178 pages). Printed book available.
Prerequisites: General understanding of federal income taxation
Advance Preparation:None
Level: Overview
CPE Credit: 8.5 hrs. (8 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 2023
Objectives
Property Transfers and Retirement Plans
Learning Objectives
1. Specify the tax consequences on the sale of easements and the hold-ing period and basis of inherited property.
2. Identify the application elements of the §121 home sale exclusion specifying the associated safe harbor regulations.
3. Recognize the importance of the installment method and §453 re-quirements, and specify the §453 basic terminology.
4. Identify the variables that determine which §1038 rules apply recog-nizing distinctions among the rules, calculations, and effects of repos-sessions of personal property and repossessions of real property, and recognize when a bad debt deduction may be taken on a repossession.
5. Specify the tax treatment of a §1033 involuntary conversion by:
a. Determining related terminology and the tax consequences of re-ceiving a condemnation award or severance damages;
b. Identifying gain or loss from condemnations recognizing the re-porting of payments associated with involuntary conversions; and
c. Determining whether clients can postpone gain on condemned, damaged, destroyed, or stolen property and specifying the related party rule.
6. Recognize the scope of the §465 at-risk rules and their effect on property depreciation, and identify the requirements, mechanics, and types of §1031 like-kind exchange.
7. Identify qualified deferred compensation plans and nonqualified plans by:
a. Determining the major benefit of the qualified deferred plans and the calculation basis of benefits and contributions; and
b. Recognizing the current and deferred advantages and the disad-vantages of corporate plans stating fiduciary responsibilities and prohibited transactions.
8. Identify the requirements of the basic forms of qualified pension plans permitting clients to compare and contrast such plans.
9. Determine the distinctions between defined contribution and de-fined benefit plans, specify the types of defined contribution plans, and identify 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 special requirements of Roth IRAs.
11. Determine what constitutes SEPs and SIMPLEs recognizing the mechanics and eligibility requirements of each type of plan.
Good Presentation