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Taxation of Like-Kind Exchanges and Other Sales

Exam Questions: 50
Course Level: Basic
Pages: 210 | Content: 188, Supplemental: 22
NASBA Area of Study: Taxes
Not Acceptable for: N/A
Version: 6580J

This course is designed to help the accountant to properly record the sale and dispositions of various types of assets. It covers sales and exchanges, abandonments, foreclosures and repossessions, and involuntary conversions. Like-kind exchanges and installment sales are also discussed. All course material provided. No prerequisites. Course level: Basic.

EA Program Approval Number: ZX34G-T-00417-21-S

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Course Information

Table of Contents
  • Gain or Loss
  • Nontaxable Exchanges
  • Ordinary or Capital Gain or Loss
  • Ordinary or Capital Gain or Loss for Business Property
  • Reporting Gains and Losses
  • Installment Sales
Objectives
  • To identify how to figure a gain or loss on various kinds of transactions
  • To recognize what type of exchanges are not taxable and when a gain or loss is recognized on this type of transaction
  • To recognize how to classify gains and losses as either ordinary or capital
  • To identify when to classify capital losses as either short-term or long-term
  • To identify what Section 1231 gains and losses are
  • To recognize how to account for depreciation recapture
  • To recognize how to report capital and ordinary gains and losses from sales, exchanges, and other dispositions of property
  • To identify the general rules that apply to all installment sales, and the more complex rules that apply only when certain conditions exist or certain types of property are sold

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