Form 4797 – Hands On: Emphasizing Sales of Business & Rental Real Estate

2 Credits: Taxes


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Form 4797 – Hands On: Emphasizing Sales of Business & Rental Real Estate

Course Level
CPE Credits

2 Credits: Taxes

Course Description

Form 4797 is the Swiss army knife of tax forms – a large number of totally different transactions are reported on this form most involving the disposition of business assets. In this session we will analyze in detail each section of Form 4797 as we hands-on correctly enter the sale(s) of asset(s) in that section. Code Sections 1231, 1245, 1250, and 197 will be discussed as well as how to correctly enter the transaction in your tax software.

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Learning Objectives

Upon completion of this course, participants will be able to:

  • Understand Code Section 1231, 1245 and 1250 transactions
  • Correctly report the sale of business assets and real estate
  • Compute both Section 1250 recapture and unrecapture
  • Identify when gain is ordinary income under Section 1245 or 1250
  • Understand how to make a Partial Disposition election
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Course Specifics

Course ID
Revision Date
February 15, 2023


Advanced Preparation


Compliance Information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02324-23-O
IRS Federal Tax Law Credits: 2
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1892
CTEC Federal Tax Law Credits: 2

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

Alice Orzechowski Headshot

Alice Orzechowski, CPA, CMA, EA, was born and raised in Washington, DC. She holds BS degrees in Economics and Accounting from the University of Maryland, and an MS in Administration and Management from Hood College. She is licensed as a Certified Public Accountant, Certified Management Accountant, and Enrolled Agent. Alice has provided advice on tax-related matters in The Washington Post, The Frederick News Post, in various AARP publications, and on Wall Street Journal Radio, CNN, and Today’s Woman Television and is a national speaker on tax topics. Alice earned the CPA accreditation in 1976, and over the course of her …

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