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Live Webinar

90-minute live streaming program
  • July 14
  • 1:00 - 2:30 pm EST

Understanding Current Limitations on the Generation, Deductibility and Use of Real Estate Losses

July 14

Understand the major tax areas of operating and capital losses affecting real estate trade.

The recent enactment of the CARES Act on the heels of the implementation of TCJA in 2018 has caused a great deal of chaos and confusion in the operation of investment and trade or business real estate operations. This topic will help practitioners and businesspersons identify tax and compliance issues within their own organizations. In addition, topic will help practitioners and industry professionals to begin to develop new compliance tools for tracking and reporting tax information.

Learning Objectives

  • You will be able to describe discharge of liabilities.
  • You will be able to discuss the effects of the CARES Act on current tax practice.
  • You will be able to recognize the major tax areas of operating and capital losses affecting a real estate trade or business or investment.
  • You will be able to review unexpected issues in the disposition of real property interests at a loss.

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview and Nomenclature
Tax and Accounting Fundamentals Relevant to Understanding the Program Discussion
  • Expense Versus Expenditure Versus Loss
  • Dealers Versus Investors
  • Types of Real Estate Losses
Principle Internal Revenue Code Operating Loss Provisions Relevant to Real Estate
  • Bonus Depreciation Under TCJA and CARES Act
  • IRC §461(l) Excess Business Loss Under TCJA and CARES Act – Mechanics Interaction With NOLs and Schedule D
  • IRC §163(j) Business Interest Limitation Under TCJA and CARES Act – Mechanics
  • IRC §465 at Risk Limitations Interaction With Other Loss Provisions
  • Passive Loss Rules Interaction With Other Loss Sections
  • Net Operating Losses Under TCJA and CARES Act – Mechanics Carrybacks Under TCJA and Claim of Right Beware of IRC §6676
Principle Internal Revenue Code Capital Loss Provisions Relevant to Real Estate
  • Discharge of Indebtedness
  • Losses From Sales of Assets Under §1231 and §1250
  • Discharge of Liabilities
  • Crane Revisited
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

Live Webinar Registration

  • AL CLE 1.5
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.5 hours credit.
     
  • AR CLE 1.5
     
  • This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
     
  • Arizona CLE 1.5
     
  • The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.5
     
  • Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
     
  • CT CLE 1.5
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
     
  • HI CLE 1.5
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
     
  • IL CLE 1.5
     
  • This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ME CLE 1.5
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.5 hours of CLE credit under M. Bar R. 12.
     
  • NH MCLE 1.5
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 90 Minutes.
     
  • NJ CLE 1.8
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 1.8 hours of total CLE credit.
     
  • NV CLE 1.5
     
  • This program has been approved by the Nevada Board of Continuing Legal Education for 1.5 CLE hours.
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 1.5 credit hours in the area(s) of Areas of Professional Practice for 1.50 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, LLC. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 1.5
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
     
  • VT CLE 1.5
     
  • This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hours of CLE credit.
     
  • WA CLE 1.5
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of Law & Legal Procedure credit.
     
  • WI CLE 1.5
     
  • This program has been approved by the Board of Bar Examiners for 1.5 hours for use toward the Wisconsin Mandatory CLE requirement.
     
  • WV MCLE 1.8
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
     
  • CPE 1.8 including Taxes 1.8
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 1.8 hours. Prerequisite: basic knowledge of project management. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, LLC. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Taxation for 1.5 hours.
     

Who should attend?

This live webinar is designed for attorneys, presidents, vice presidents, property managers, landlords, real estate managers, developers, contractors, and accountants.

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Kevin Carmichael, M.S., J.D., LL.M., CPA

Kevin Carmichael, M.S., J.D., LL.M., CPA

Wood, Buckel and Carmichael, PLLC

  • Tax partner with the Naples office of Wood, Buckel and Carmichael, PLLC
  • Admitted to practice before the U.S. District Court for the Middle and Southern Districts of Florida, the U.S. Claims Court and the U.S. Tax Court
  • Certified Public Accountant and a member of the Florida Institute of Certified Public Accountants
  • Practice focuses primarily on matters concerning business entity law and taxation, federal and state taxation, international tax and tax controversy, not-for-profit entities and taxation, estate planning and business succession planning
  • Taught business law and cost accounting as an adjunct professor at Florida Gulf Coast University for 6 years
  • Teaching income, partnership, corporation, and not-for-profit tax law at Ave Maria Law School
  • Can be contacted at 239-552-4100 or [email protected]
Dana M. Fragakis, J.D., LL.M.

Dana M. Fragakis, J.D., LL.M.

Wood, Buckel and Carmichael, PLLC

  • Attorney with the Naples office of Wood, Buckel and Carmichael, PLLC
  • Admitted to practice law in Florida, New York, Colorado and the District of Columbia, as well as before the U.S. Tax Court
  • Practice focuses in legal matters affecting families, including estate planning, family wealth planning, business succession planning, income taxation, real estate, and probate and trust administration
  • Served on the Board of Directors of the Center for Family Services and currently serves on the Board of Trustees of the West Palm Beach Police Pension Fund which administers a $400,000,000 pension fund
  • Can be contacted at 239-552-4100 or [email protected]
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 404509
Published 2020
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