Taxation of Property Transactions - Tax Staff Essentials

Description

A fundamental understanding of the taxation of business property transactions is essential to any tax practice. This course prepares tax professionals to handle the tax effects of common property transactions, including like-kind exchanges and involuntary conversions. It also covers important property-related timing issues and planning opportunities that can lead to significant tax savings.

Highlights

  • Sections 1231, 1245, and 1250
  • Depreciation recapture
  • Capital gains and losses
  • Nonrecognition transactions

Objectives

  • Calculate gain or loss realized and recognized on business property dispositions.
  • Apply the capital losses limitations and preferential tax rates on capital gains.
  • Determine the impact of depreciation recapture on a taxpayer's taxable income and tax liability.
  • Determine the tax basis of property received in a like-kind exchange.
  • Determine allowable cost recovery deductions for replacement property acquired in a like-kind exchange or involuntary conversion.

Designed For

Tax staff and senior associates in public accounting - Entry - and midlevel tax professionals in industry

Leaders

Suzanne Youngberg

Suzanne Youngberg joined the faculty at Northern Illinois University as a full-time member in 2000 and is currently teaching in the accounting graduate and undergraduate programs. Suzanne served as the academic advisor for the NIU Master of Science in Taxation Program from 2005 - 2022 as well as serving multiple times on the accountancy curriculum committee. Prior to coming to NIU, she worked for five years in the tax department of a medium-sized public accounting firm. She also taught for seven years at North Central College in Naperville, Illinois. Suzanne received her Bachelor of Science in Accountancy from NIU and her Master of Science in Taxation from DePaul University.

Suzanne maintained her own tax practice for 30 years specializing in individual and small business compliance and strategic tax planning. She has served as treasurer for a local nonprofit organization and delivered speeches to various commerce organizations. Suzanne has been featured as a guest on several Chicago tv stations discussing the child tax credit and the dependent care credit.

Suzanne is currently writing two tax textbooks for Wiley, Fundamentals of Individual Taxation and Taxation of Business Entities. Suzanne has presented at the ATA and AAA conferences multiple times. Suzanne has previously taught the tax segment for NIU’s CPA Review Program as well as providing instruction for continuing professional education for a national public accounting firm.