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Preparing Form 4797, Sales of Business Property: Minimizing Tax on Dispositions

Calculating Unrecaptured Section 1250 Gain, Section 1231 Lookback, Related Forms and Elections

Note: CLE credit is not offered on this program

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Monday, June 6, 2022

Recorded event now available

or call 1-800-926-7926

This webinar will detail the steps needed to report various gains and losses on Form 4797, Sales of Business Property, with primary consideration given to minimizing the overall tax paid by taxpayers reporting dispositions. Our authoritative panel will explain reporting differences between specific property types, how and when Section 1245 and Section 1250 recapture is calculated, and the Section 1231 lookback rules.

Description

Form 4797, Sales of Business Property, is one of the most complex but necessary forms practitioners prepare. Sales of intangible and tangible property are reported here, along with the calculation of the related gains and losses, including depreciation and Section 179 recapture. Calculating, separating, and reporting these gains and losses, and determining how much of a gain or loss is taxed as ordinary, capital, Section 1231, 1245, 1250, or other type gain is critical.

The dispositions reported on Form 4797 often warrant additional reporting and calculations on related forms. Tax saving elections for like-kind exchanges, installment sales, and investments in qualified opportunity funds require calculations in addition to those on Form 4797. Determining where the calculated amounts on Form 4797 flow and which additional forms are needed can be daunting.

Listen as our panel of federal tax experts walks you through the preparation of Form 4797, Parts I-IV, and the calculation and considerations surrounding reporting business gains and losses.

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Outline

  1. Form 4797, Sales of Business Property
  2. Types of gains
    1. Ordinary vs. capital
    2. Section 1245, 1231, 1250
  3. Recapture
    1. Section 179
    2. Depreciation
  4. Related reporting requirements
    1. Form 8824, Like-Kind Exchanges
    2. Form 6252, Installment Sale Income
    3. Opportunity funds
    4. Other
  5. Completing Form 4797

Benefits

The panel will cover these and other critical issues:

  • Calculating unrecaptured Section 1250 on property sales
  • Preparing Part III of Form 4797 and calculating Section 1245 and 1250 gains
  • How deferred gains on qualified opportunity fund sales are calculated and reported
  • Calculating Section 179 recapture on depreciable assets

Faculty

Lovett, Brian
Brian T. Lovett, CPA, JD
Partner
Withum Smith+Brown

Mr. Lovett has extensive experience serving the tax needs of both public companies and closely-held businesses,...  |  Read More

Palovick, Sara
Sara A. Palovick, CPA
Tax Partner
Withum Smith+Brown

Ms. Palovick specializates in real estate, and focuses most of her time in the areas of partnership and individual...  |  Read More

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