With this 2-hour course you will:
- Analyze the importance, particularly tax deferral, of the installment method, list three requirements to use the method, and define basic installment method terminology;
- Apply the imputed interest, OID and §1038 repossession rules to installment sales and subsequent repossessions;
- Identify and explain the following §453 pitfalls and complexities: the related party limitation, the regulations governing the use of the installment sale method in like-kind exchanges and the contingent payment sale rules;
- Allocate and report installments payments among identified asset classes using R.R. 76-110 and the residual method noting §453 prohibitions on certain assets regarding dealer dispositions and inventory; and
- Compute the amount of interest payable on tax-deferred income when §453 dispositions exceed $5 million and identify circumstances considered taxable dispositions of installment obligations to determine when any gain or loss is recognized.
Hours: 2 federal CPE, 1.5 MCLE
This interactive course qualifies for 2 hours of CPE for CPAs, EAs, CTECs, and PAs, and 1.5 hours of General MCLE credit for California Attorneys. This course has been approved by the California Tax Education Council for 2 federal hours of continuing education credit — CTEC No. 1019-CE-0296 for federal taxes. This course has been designed to comply with the Department of the Treasury’s Director of Practice for Enrolled Agents. Advanced preparation is not required. Spidell is not a pre-approved National Registry of CPE Sponsor for self-study. |
