Course

Federal Taxation II: Property Transactions of Business Owners and Shareholders

University of Illinois at Urbana-Champaign

This comprehensive course delves into the intricate landscape of U.S. federal taxation concerning property transactions of business owners and shareholders. Students will explore concepts such as cost recovery, including depreciation, amortization, and depletion. The course delves into the calculation of realized versus recognized gains and losses, evaluation of the potential tax effects of nontaxable exchanges, and the combining or netting of gains and losses of different natures.

Throughout engaging assignments, learners will facilitate self-discovery of knowledge and develop a variety of professional skills. The course is designed to empower participants with a deep understanding of the U.S. federal tax system, equipping them to navigate property transactions effectively.

  • Thorough examination of cost recovery, including depreciation, amortization, and depletion
  • Calculation of realized versus recognized gains and losses
  • Evaluation of the potential tax effects of nontaxable exchanges
  • Combining or netting gains and losses of different natures

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Federal Taxation II: Property Transactions of Business Owners and Shareholders
Course Modules

The course modules cover a range of topics, including cost recovery, depreciation, gains and losses, nontaxable exchanges, and netting processes, providing a comprehensive understanding of the U.S. federal tax system in relation to property transactions.

INTRODUCTION TO THE COURSE

The introduction module provides an overview of the course, introduces the instructors, and familiarizes students with the learning environment, including the syllabus, discussion forums, and online education resources. Students will complete an orientation quiz and engage in building a learning community.

Module 1: Introduction to Cost Recovery and Depreciation

Module 1 delves into the concepts of cost recovery, with a focus on depreciation. Students will explore the utilization of depreciation tables and learn about depreciation of business use realty, along with IRS tables and knowledge checks to reinforce learning.

Module 2: Accelerated Depreciation, Amortization, and Depletion

Module 2 expands on the topic of cost recovery, covering accelerated depreciation, amortization, and depletion. Students will examine bonus depreciation, Section 179 election, listed property, and amortization, among other aspects. The module includes quizzes and knowledge checks to consolidate learning.

Module 3: Gains, Losses, and Adjusted Basis

Module 3 explores gains, losses, and adjusted basis, offering insights into the overview of gains and losses, basis, and realized gains or losses. Students will delve into adjusted basis regarding cost, gift, and inheritance basis, reinforcing their understanding through quizzes and knowledge checks.

Module 4: Disallowed Losses, Like-kind Exchanges, and Involuntary Conversions

Module 4 delves into disallowed losses, like-kind exchanges, and involuntary conversions. Students will examine recognized gains and losses, nontaxable exchanges, like-kind exchanges, and involuntary conversions, along with knowledge checks to solidify their understanding.

Module 5: Special Gain/Loss Provisions

Module 5 covers special gain/loss provisions, including the sale of personal residence, contributing property to a business, wash sales, and gains on qualified small business stock. Students will engage in quizzes and knowledge checks to reinforce their learning.

Module 6: Character and the Netting Process

Module 6 focuses on the character and netting process of gains and losses. Students will gain insights into the introduction to the netting process, §1231 assets, and depreciation recapture. Quizzes and knowledge checks are integrated to consolidate learning.

Module 7: Depreciation Recapture and Other Items in the Netting Process

Module 7 explores depreciation recapture and other items in the netting process, including §1245 and §1250 depreciation recapture, net investment tax, and gain from the sale of depreciable property between related parties. Students will engage in quizzes and knowledge checks to reinforce their understanding.

Module 8: Final Comprehensive Exam

The final module encompasses a comprehensive exam to evaluate students' grasp of the course material, providing a platform for them to demonstrate their understanding of the U.S. federal tax system in relation to property transactions of business owners and shareholders.

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