Installment Sales

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Installment Sales

Author: Danny Santucci, JD


Today taxpayers must plan for their children’s education. Touching on various topics such as qualified tuition programs (QTPs), scholarships and fellowships, this mini-course examines the tax treatment of costs related to education. Practitioners will learn the ins and outs of the tax benefits concerning education and will be able to identify those educational expenses that are deductible. Additionally, financial planning strategies and techniques are outlined to better prepare taxpayers for future educational costs.

With this two-hour course, you will:

  • Get a 78-page PDF document
  • Recognize the importance, particularly in tax deferral, of the installment method and, identify §453 requirements and installment method terminology
  • Specify the imputed interest, OID and §1038 repossession rules affecting installment sales and subsequent repossessions
  • Identify 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
  • Determine how to allocate and report installments payments among identified asset classes using R.R. 76-110 and the residual method recognizing §453 prohibitions on certain assets regarding dealer dispositions and inventory
  • Identify the amount of interest payable on tax-deferred income when §453 dispositions exceed $5 million and circumstances considered taxable dispositions of installment obligations to determine when any gain or loss is recognized

Designation CPE Hours
CPA 2 Tax
EA 2 Federal Tax
CRTP (CTEC) 2 Federal Tax
Attorney 1.5 General MCLE

Course level: Overview
General understanding of federal income taxation.

Want to order by phone? Call us at: (714) 776-7850


This self-study is designed to meet the requirements for the specified number of hours of continuing education. This self-study has been designed to meet the requirements of the IRS Return Preparer Office; including sections 10.6 and 10.9 of Department of Treasury’s Circular No. 230 (Provider No. CRA7E); the California State Board of Accountancy; the California Bar Association; and the California Tax Education Council. This does not constitute an endorsement by these groups. The state boards of accountancy have final authority on the acceptance of individual courses for CPE credit. For more information regarding administrative policies such as complaints or refunds, contact Spidell Publishing at 714-776-7850. Spidell Publishing, Inc. has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to renew tax preparer registration may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA 95812-2890, or by phone at 877-850-2832, or on the internet at www.CTEC.org.

Spidell Publishing, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State Boards of Accountancy have the final authority on the acceptance of individual course for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. This self-study is designed to meet the requirements for 2 hours of continuing education for the California Board of Accountancy. Level: Overview. Field of Study: Taxes. Delivery Method: Self-Study. For more information regarding administrative policies, such as complaints or refunds, contact Spidell Publishing at (714) 776-7850. General understanding of federal income taxation is required.

Spidell Hours

CPA
Tax 2
EA
Fed Tax 2
CRTP
Fed Tax 2
Attorney
MCLE 1.5

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