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

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.

Runtime: 95 minutes
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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

OnDemand Course

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on July 14, 2020.

Call 1-866-352-9540 for further credit information.

  • AK CLE 1.5
     
  • Alaska attorneys may receive 1.5 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
     
  • AL CLE 1.6
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.6 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 Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. 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.
     
  • ND CLE 1.5
     
  • North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.5 hours of CLE credit.
     
  • NH MCLE 1.6
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 95 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 self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hour(s) of CLE credit. Please note: Attorneys may only claim 6 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
     
  • WA CLE 1.5
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.5 hours of A/V credit under the Law & Legal Procedure category.
     
  • WI CLE 1.5
     
  • This program qualifies for 1.5 hour(s) of ondemand CLE through the WI Board of Bar Examiners.
     
  • WV MCLE 1.8
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 1.8 MCLE hours.
     
The CLE Code is ONLY a requirement when applying for CLE Credit in New York. Other states do not need to supply the CLE Code to apply for CLE credit.

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • ME CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

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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More Program Information

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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