Description
Understand the major tax areas of operating and capital losses affecting real estate trade.
The recent enactment of the CARES Act on the heels of the implementation of TCJA in 2018 has caused a great deal of chaos and confusion in the operation of investment and trade or business real estate operations. This topic will help practitioners and businesspersons identify tax and compliance issues within their own organizations. In addition, topic will help practitioners and industry professionals to begin to develop new compliance tools for tracking and reporting tax information.
Date: 2020-07-14 Start Time: 1:00 PM ET End Time: 2:30 PM ET
Learning Objectives
* You will be able to describe discharge of liabilities.
* You will be able to discuss the effects of the CARES Act on current tax practice.
* You will be able to recognize the major tax areas of operating and capital losses affecting a real estate trade or business or investment.
* You will be able to review unexpected issues in the disposition of real property interests at a loss.
Overview and Nomenclature
Tax and Accounting Fundamentals Relevant to Understanding the Program Discussion
• Expense Versus Expenditure Versus Loss
• Dealers Versus Investors
• Types of Real Estate Losses
Principle Internal Revenue Code Operating Loss Provisions Relevant to Real Estate
• Bonus Depreciation Under TCJA and CARES Act
• IRC §461(l) Excess Business Loss Under TCJA and CARES Act • Mechanics Interaction With NOLs and Schedule D
• IRC §163(j) Business Interest Limitation Under TCJA and CARES Act • Mechanics
• IRC §465 at Risk Limitations Interaction With Other Loss Provisions
• Passive Loss Rules Interaction With Other Loss Sections
• Net Operating Losses Under TCJA and CARES Act • Mechanics Carrybacks Under TCJA and Claim of Right Beware of IRC §6676
Principle Internal Revenue Code Capital Loss Provisions Relevant to Real Estate
• Discharge of Indebtedness
• Losses From Sales of Assets Under §1231 and §1250
• Discharge of Liabilities
• Crane Revisited
CLE (Please check the Detailed Credit Information page for states that have already been approved) ,CPE ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Kevin Carmichael, M.S., J.D., LL.M., CPA-Wood, Buckel and Carmichael, PLLC, Dana M. Fragakis, J.D., LL.M. – Wood, Buckel and Carmichael, PLLC
