Gains on the disposition of assets are a significant source of income for many taxpayers. A taxpayer may also have a deductible loss. The rules for the disposition of certain types of assets are complex and, without careful planning, taxpayers can have unpleasant surprises. This course will help you navigate the rules for Sections 1245, 1250, and 1031 gains to better understand the different types of gains for smart tax planning.
After completing this course, you will be able to:
- Identify transactions which fall under Sections 1245, 1250, and 1031
- Calculate the gains from these transactions
- Calculate the basis of any property acquired in a Section 1031 transaction
- Understand the timing requirements for a valid Section 1031 transaction
- Understand how to calculate Section 1231 gains where applicable