Form 4797 Deep Dive: Sale of Business Property

1 Credits: Taxes


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Form 4797 Deep Dive: Sale of Business Property

Course Level
CPE Credits

1 Credits: Taxes

Course Description

This course offers an in-depth exploration of IRS Form 4797, a crucial tool for tax professionals managing property sales or exchanges in a business context. It features detailed guidance on distinguishing between capital gains and ordinary income – a distinction that is vital for accurate tax reporting. Participants will benefit from a clear breakdown of the form’s sections, understanding the nuances of transaction categorization, basis calculation, and sales price ascertainment. The course also sheds light on depreciations recapture and un-recapture, enhancing practitioners’ ability to handle complex scenarios. By demystifying the intricacies of §§ 1231, 1245, and 1250, as well as the implications of 199A, attendees will gain valuable skills for confident and compliant tax reporting.

So join us in deciphering the mystery of Form 4797.

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Learning Objectives

Upon completing this course, participants will be able to:

  • Correctly identify § 1231 Property.
  • Examine the difference between §§ 1245 and 1250 Property.
  • Ascertain the Sales Price.
  • Calculate Basis.
  • Categorize transactions into their appropriate parts on Form 4797.
  • Differentiate between depreciation recapture and capital gain.
  • Identify Un-Recapture Depreciation.
  • Evaluate 199A in reference to §§ 1231, 1245, and 1250.
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Course Specifics

Course ID
Revision Date
August 25, 2022


Advanced Preparation


Compliance Information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02059-22-O
IRS Federal Tax Law Credits: 1
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1795
CTEC Federal Tax Law Credits: 1

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board. CFP Professionals must take each course in it’s entirety, the CFP Board DOES NOT accept partial credits for courses.

CTEC Notice: California Tax Education Council DOES NOT allow partial credit, course must be taken in entirety. Western CPE has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, by phone toll-free at (877) 850-2832, or on the Internet at

Meet The Experts

A.J. Reynolds, EA

A.J. Reynolds, EA has over thirty years of experience encompassing various areas of taxation. Though his practice centers on Individual, Business, and Estate Tax preparation, A.J. focuses a portion of his practice to IRS Representation. As diverse as his specializations, A.J.’s clientele, too, ranges from average workers to Fortune 500 executives. Additionally, A.J volunteers his time with the Iowa Legal Aid’s Managing Attorney assisting in Tax Court cases and assorted income tax issues. A.J. brings his everyday “in the trenches” experience to seminars and webinars for multiple organizations to assist attendees with real issues affecting tax professionals. A.J. started his …