Potpourri of Tax Topics: Mechanics of Like-Kind Exchanges; Section 336(e) Election, and Mechanics of Filing Form 3115 for Method Changes
To be determined if live or virtual
This class is designed to illustrate the steps to follow in filling out Form 8824, Like-Kind Exchanges. The class will also explore the advantages and disadvantages of making a 336(e) election on the disposition of stock in an S corporation and it will introduce the participant to the process and procedures to follow in filing a Form 3115, Application for Change in Accounting Method.
Mechanics of Like-Kind Exchanges
Summarize the statutory requirements for qualifying as a like-kind exchange.
Illustrate the basic rules that deal with the mechanics of like-kind exchanges, including boot, transaction costs, debt rules, and depreciating the replacement property.
Illustrate the steps in determining the amount of gain, if any, that is to be recognized and how to calculate the basis in the replacement property.
Complete a Form 8824 using the settlement sheets for the relinquished property and replacement property in determining gain recognized and basis in the replacement property.
Describe the tax effect of the Tax Cuts and Jobs Act on like-kind exchanges.
Section 336(e) Election
Discuss the advantages and disadvantages of a 336(e) election.
Explain the situations where a 336(e) election might be considered.
Discuss the requirements to make a 336(e) election.
Define a qualified stock disposition.
Determine the forms that need to filed to make a 336(e) election.
Describe the difference between the 336(e) election and the election under 338(h)(10).
Mechanics of Filing Form 3115 for Method Changes
Discuss filing a Form 3115 for nonautomatic changes, where to file the Form 3115, the due date, and the cost.
Discuss filing a Form 3115 for automatic changes.
Describe the changes that qualify as automatic changes and where to find the automatic method changes.
Define a positive 481 adjustment.
Define a negative 481 adjustment.
Identify the relevance of 446(e), change proper method to proper method.
Identify the relevance of 446(f), change improper method to proper method.
Define Category A method; Code, Regs, or Supreme Court (no sign, no Form 8275).
Determine when the treatment of an item becomes a method of accounting or a treatment of a material item.
Describe the tax effect of the Tax Cuts and Jobs Act on changes in method of accounting, including a number of Revenue Procedures that have been issued in order to comply with changes made in the Tax Cuts and Jobs Act.
Early Registration Member Fee
Applicable if you are a HSCPA member in good standing and register by October 15, 2020.
Applicable if you are a HSCPA member in good standing.
Early Registration Non-Member Fee
Applicable if you are not a HSCPA and register by October 15, 2020.
Applicable if you are not a HSCPA member.