1040 Workshop Module 3 – Property Transfers and Retirement Plans

We have taken our large 1040 Workshop and broken it down into 4 seperate courses for your convenience. Please note this learning module is a section of the 1040 Workshop.  You can only receive credit for each individual learning module or the 1040 Workshop in its entirety. You may not double the credits as they are the same course.  

Learning Objectives

After reading Chapter 3, participants will be able to:

1. Specify the tax consequences on the sale of easements and the holding period and basis of inherited property.

2. Identify the application elements of the §121 home sale exclusion noting associated safe harbor regulations.

3. Recognize the importance of the installment method and §453 requirements, and specify the §453 basic terminology.

4. Identify the variables that determine which §1038 rules apply noting distinctions among the rules, calculations, and effects of repossessions of personal property and repossessions of real property, and recognize when a bad debt deduction may be taken on a repossession.

5. Specify the tax treatment of a §1033 involuntary conversion by:

a. Determining related terminology and the tax consequences of receiving a condemnation award or severance damages;

b. Identifying gain or loss from condemnations noting the reporting of payments associated with involuntary conversions; and

c. Determining whether clients can postpone gain on condemned, damaged, destroyed, or stolen property and specifying the related party rule.

6. Recognize the scope of the §465 at-risk rules and their effect on property depreciation, and identify the requirements, mechanics, and types of §1031 like-kind exchange.

7. Identify qualified deferred compensation plans and nonqualified plans by:

a. Determining the major benefit of the qualified deferred plans and the calculation basis of benefits and contributions; and

b. Recognizing the current and deferred advantages and the disadvantages of corporate plans noting fiduciary responsibilities and prohibited transactions.

8. Identify the requirements of the basic forms of qualified pension plans permitting clients to compare and contrast such plans.

9. Determine the  distinctions between defined contribution and defined benefit plans, specify the types of defined contribution plans, and identify their effect on retirement benefits.

10. Identify how self-employed plans differ from qualified plans for other business types and owners, and specify the requirements of IRAs and the special requirements of Roth IRAs.

11. Determine what constitutes SEPs and SIMPLEs noting the mechanics and eligibility requirements of each type of plan.

Additional Contents : Complete, no additional material needed
Advance Preparation : None
Intended Participants : Any CPA looking to maintain or enhance their professional competence
Course Declaration : Participants must complete the final examination within one year of purchase. A minimum passing grade of 70% or better is required to receive CPE
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