Webcast: Surgent's Taking Advantage of Installment Sales and Like-Kind Exchanges
4.0 Credits
Member Price $136.00
Non-Member Price $179.00
Overview
When real property is sold for a gain, we always try to find ways to defer recognizing income so it won’t be necessary to send a check to Uncle Sam. There are two provisions within the Internal Revenue Code that allow the taxpayer to defer recognition of immediate taxable gain in the year of sale: installment sales and like-kind exchanges. Knowing how and when to utilize these provisions makes the accounting and finance professionals very valuable to either their client or the entity they work for. We will also discuss recent proposals which could impact the future of these two provisions.
Highlights
- How does the IRC define an installment sale under Section 453?
- When can a taxpayer utilize the provisions of IRC Section 453?
- When should a taxpayer utilize the provisions of an installment sale and when should it be avoided
- How does the issue of a “dealer” vs. a “non-dealer” impact the use of the installment sale method
- How to report an installment sale when related parties are involved
- How to calculate an installment sale
- How has the Tax Cuts and Jobs Act impacted the use of the Installment Sale Method
- What is a like-kind exchange as defined by IRC Section 1031
- When can a taxpayer utilize the provisions of IRC Section 1031
- What types of real property are eligible for like-kind exchange treatment and what types are not
- What is “boot” and how does it impact the like-kind exchange deferral
- How to calculate a like-kind exchange including any taxable portion
- How has the Tax Cuts and Jobs Act impacted the use of like-kind exchanges
Prerequisites
A basic understanding of the provisions for recognizing gain or loss on the sale of real property
Designed For
Accounting and Finance Professionals who either represent or work for entities that own real property
Objectives
- Learn when and how to utilize the provisions of IRC Section 453 in order to defer recognizing gain on the sale of real property via installment sales
- Learn when and how to utilize the provisions of IRC Section 1031 in order to defer recognizing gain on the sale of real property via a like-kind exchange
Leader(s):
Leader Bios
David Peters, CPA, CFP, CLU, CPCU, MST, Surgent McCoy CPE, LLC
David Peters is the founder and owner of Peters Tax Preparation & Consulting in Richmond, VA, and a Financial Advisor for Peters Financial, LLC. He has over fifteen years of financial services experience, including three years in the hedge fund industry and six years in the insurance industry. David was the first-ever Chief Financial Officer at Compare.com - a position he held for over three years. He is a national CPE Instructor/Discussion Leader for the AICPA, Kaplan, and Surgent and was a recipient of Surgent’s Outstanding Discussion Leader award for 2019. He regularly teaches accounting, finance, insurance, financial planning, and ethics throughout the United States. He is the advisor for Business & Industry topics for the SC Association of CPAs and was a recipient of The American College’s 2019 NextGen Financial Services Professional Award. He holds four Master’s degrees and is currently pursuing his Ph.D. in Financial Planning. He regularly contributes to various CPA publications, including NCACPA’s Interim Report, SCACPA’s CPA Report, and VSCPA’s Disclosures. He was also a co-author of the 2018, 2019, and 2020 versions of the Virginia CPA Ethics course – a required course for all CPAs licensed in the Commonwealth of Virginia.
Non-Member Price $179.00
Member Price $136.00