Federal Taxation of Business & Property Transactions

Course Description:

This course explores the deductibility of business expenses and the treatment of property transactions under the U.S. Federal Income Tax System.

Students will Learn:

  • To identify the requirements for deductions of business expenses.
  • To calculate limitations on deductions.
  • To compute depreciation deductions for long-lived assets used in a trade or business.
  • To use an asset’s basis to calculate a realized gain or loss at sale or other disposition.
  • To determine whether realized losses will be currently recognized on the tax return.

Course Modules:

Module 1 – Business Expense Basics

  • Learning Objective: Identify the deductible expenses of a trade or business of an individual taxpayer or other entity.

Module 2 – Other Issues for Business Expenses

  • Learning Objective: Determine the availability of credits and limitations on losses of expenses in a revenue producing-activity.

Module 3 – Loss Deduction Limitations

  • Learning Objective: Calculate limitations on the deductibility of losses.

Module 4 – Cost Recovery for Long-Lived Assets

  • Learning Objective: Determine allowable deductions for the cost of assets used in a trade or business for more than one year.

Module 5 – Gain and Loss Recognition and Other Implications of Property Disposal

  • Learning Objective:  Understand the difference between realized and recognized gains and losses and the implications of various provisions for non-recognition..

Recommended Background:

  • Students with a background in accounting, finance, personal finance, or bookkeeping desiring to develop an understanding of the taxation of individuals in the United States.
  • Students with prior experience with other tax regimes wishing to expand their knowledge to the U.S. Federal Income Tax System.
  • Students striving to better understand U.S. income tax for their own personal tax reasons.
  • Employees newly entering the finance and accounting areas.
  • Those preparing for and/or needing Continued Education Units for their certifications.

Other Courses in the Series:

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