Prepare for recording and accounting for asset exchanges including tax elections and alternatives for asset exchanges.
U.S. accounting and tax rules are not always the same about the acquisition and sale of assets. Some assets are acquired by exchange instead of through a cash purchase for a stated price. In some cases, the fair value of assets must be relied upon for the proper reporting of an event. For tax purposes, like kind exchanges continue under the Tax Cuts and Jobs Act of 2017 (TCJA), but some taxpayers now have taxable exchanges of personal property and trade-in property. This topic will provide you with an overview of the current accounting and tax issues for individuals and businesses, including reconciling the differences between book and tax issues, and how to manage the costs and exchanges of assets. The range of topics will include tax elections and alternatives for asset exchanges, and tax planning issues for deferring tax and reinvesting gain.
Learning Objectives
- You will be able to identify the definitions of common exchange terms
- You will be able to differentiate between Basket Value and Fair Value approaches
- You will be able to identify the accounting for like kind exchanges
- You will be able to identify tax benefits and reporting exchange issues
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Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Accounting for Asset Exchanges
- Definitions and Terms
- Recordkeeping for Exchange Transactions
- Reporting Gain or Loss on Exchanges
- Deferred Gain and FMV Accounting Issues
Identifying Like Kind Exchange Tax Issues
- New Tax Rules for Personal Property/Trade-in
- Tax Issues for Real Property/Replacement Issues
- Depreciation Impact on Exchanged Assets
- Taxable Boot Received and Paid on Exchanges
- Exchange Costs Paid for Replacement Property
- Foreign Property Exchanges
Identifying Tax Benefits and Reporting of Exchange Issues
- Effective Tax Rates for Business Exchanges
- Exchanges of Personal Residences
- Exchanges of Cryptocurrency
- Exchanges of Assets for Services Provided
- Cost Allocation for Multiple Assets
Top Examples of Exchange Strategies
- Classic Like Kind Exchange Case
- Reverse Exchanges/Requirements
- Trade-in Exchange of Personal Property
- Multiple Asset Exchanges
- Taxable Boot Exchanges
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last reviewed on December 7, 2023.
Call 1-866-352-9540 for further credit information.
CPE/NASBA - QAS Self Study 2.5 including Accounting 2.5
- Noggin Guru, Inc. dba Lorman Education Services and BankersHub is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.5 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Accounting for 2.5 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Thomas M. Kosinski, C.P.A., M.S.T.
Ostrow Reisin Berk & Abrams, Ltd.
- Director of the tax practice of Ostrow Reisin Berk & Abrams, Ltd. (ORBA)
- Offers more than 25 years of experience providing tax planning and technical advice for individuals and the owners of closely held companies
- Provides specialized tax planning services to his clients, which include high-net-worth individuals and business entrepreneurs
- Advises on federal and state tax planning and tax compliance issues for real estate clients and businesses
- Frequent speaker with the Illinois CPA Society covering federal tax updates, IRS representation, individual and corporate tax compliance, and income tax strategies for business transactions
- Member of the American Institute of Certified Public Accountants (AICPA) and Illinois CPA Society and former president of Chicago South Chapter
- M.S. degree in taxation; B.S. degree in accounting, summa cum laude, DePaul University
- Can be contacted at 312-670-7444 or [email protected]
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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