Source: https://www.nstp.org/node/3429
Timestamp: 2020-07-07 22:47:09
Document Index: 460442771

Matched Legal Cases: ['§453', '§1031', '§1033', '§1038', '§453', '§453', '§1031', '§1033']

Transactions Allowing The Exclusion and Deferral Of Federal Income Tax | NSTP
CTEC: Tax Law CPE 2
This course discusses the federal income tax provisions allowing taxpayers to enter into transactions which do not require gains to be included in gross income and other transactions which allow the deferral of gains and losses into future tax years. The session will introduce the provisions under §453 for Installment Sales of Capital Assets and discuss the exclusion ratio calculation required on Form 6252. It will discuss §1031 Like-Kind Exchange transactions after the “Tax Cuts and Jobs Act” as well as §1033 Involuntary Conversions transactions and the requirements of replacement property periods and rules. In addition it will discuss §1038 Reacquisition of Real Estate when a §453 Installment Sale Transaction has gone bad for the seller. The presentation will discuss some transactions related to he cessation of a marriage and to rules of exclusion as pertaining to the transferring spouse.
At the completion of this course the Tax Professional will be able to:
Recognize transactions which allow the deferral of income into a future tax year
Recognize the power of planning transactions for the purpose of reducing Federal Income Tax
Advise clients on how the sale of real estate under the §453 Installment Method and disposition under a §1031 Like-Kind Exchange and a §1033 Involuntary Conversion can save tax dollars in the current year
Introduce the concept of exclusion from tax for specified transactions allowed under the Internal Revenue Code
Understand the impact on basis when gain is deferred