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Preparing Form 4797: Reporting the Sale of Trade or Business Property

 

Gain a better understanding of tax reporting and allocating of gain on Form 4797.

The sale of a trade or business often creates taxable gain on the sale of many operating assets. If the sale is simply for real estate, then the gain is based upon the original purchase price, related improvements, and capitalized costs, and the tax basis may need to consider depreciation over the asset life. Other transactions may include additional assets and tangible personal property, which have additional tax issues with the sale and the allocation of the sales price.

This webinar will provide participants with the tax reporting and allocating of gain on Form 4797, including how categories of assets result in different tax answers based on the purchase agreement. The gain may be impacted by installment sales, purchase price allocations, depreciation recapture, disclosure requirements, and valuation may consider categories of assets included in the sale. A taxable sale may be different for pass-through entities or individual owners with different tax rates. This webinar will also cover additional tax forms related to the reporting of the proceeds of the sale.

Agenda

Faculty

Thomas M. Kosinski, C.P.A., M.S.T.

Thomas M. Kosinski, C.P.A., M.S.T.

Ostrow Reisin Berk & Abrams, Ltd.

  • Director of the tax practice of Ostrow Reisin Berk & Abrams, Ltd. (ORBA)
  • Frequent speaker with the Illinois CPA Society covering federal tax updates, IRS representation, individual and corporate tax compliance, and income tax strategies for business transactions
  • Offers more than 25 years of experience providing tax planning and technical advice for individuals and the owners of closely held companies
  • Provides specialized tax planning services to clients, which include high-net-worth individuals and business entrepreneurs
  • Member of the American Institute of Certified Public Accountants (AICPA) and Illinois CPA Society and former president of Chicago South Chapter
  • M.S. degree in taxation and B.S. degree in accounting, summa cum laude, DePaul University
  • Can be contacted at [email protected] or 312-670-7444

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