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Taking Advantage of Installment Sales and Like-Kind Exchanges (ISL4)

  • Format Self-Study Download
  • Credits 4.00
  • Level Intermediate
  • Field of Study Taxes (Technical) (4)

Overview

When real property is sold for a gain, we always try to find ways to defer recognizing income so it won’t be necessary to send a check to Uncle Sam. There are two provisions within the Internal Revenue Code that allow the taxpayer to defer recognition of immediate taxable gain in the year of sale: installment sales and like-kind exchanges. Knowing how and when to utilize these provisions makes the CPA very valuable to either their client or the entity they work for.



Major Topics:

  • How does the IRC define an installment sale under §453?
  • When can a taxpayer utilize the provisions of IRC §453?
  • When should a taxpayer utilize the provisions of an installment sale and when should it be avoided?
  • How does the issue of a “dealer” vs. a “non-dealer” impact the use of the installment sale method?
  • Reporting an installment sale when related parties are involved
  • Calculating an installment sale
  • How has the Tax Cuts and Jobs Act impacted the use of the Installment Sale Method?
  • What is a like-kind exchange as defined by IRC §1031?
  • When can a taxpayer utilize the provisions of IRC §1031?
  • What types of real property are eligible for like-kind exchange treatment and what types are not?
  • What is “boot” and how does it impact the like-kind exchange deferral?
  • Calculating a like-kind exchange including any taxable portion
  • How has the Tax Cuts and Jobs Act impacted the use of like-kind exchanges?
  • Recent changes to like-kind exchanges as the result of IRS final regulations

Learning Objectives:

  • Learn when and how to utilize the provisions of IRC §453 in order to defer recognizing gain on the sale of real property via installment sales
  • Learn when and how to utilize the provisions of IRC §1031 in order to defer recognizing gain on the sale of real property via a like-kind exchange

Who should take this course:

CPAs who either represent or work for entities that own real property

A basic understanding of the provisions for recognizing gain or loss on the sale of real property

None

Yes

No

No

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