Description
Prepare for recording and accounting of asset exchanges, including tax elections and alternatives for asset exchanges.
U.S. accounting and tax rules are not always the same regarding 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, likekind exchanges continue under the Tax Cuts and Jobs Act of 2017 (TCJA), but some taxpayers now have taxable exchanges of personal property and tradein 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.
Date: 2023-05-05 Start Time: 1:00 PM ET End Time: 2:40 PM ET
Learning Objectives
* You will be able to identify accounting and tax rules which impact current U.S. exchanges of assets.
* You will be able to review U.S. considerations for completing likekind exchanges and deferring tax.
* You will be able to discuss U.S. business alternatives for choosing replacement properties on exchanges.
* You will be able to explain yearend tax strategies that will create tax benefits and manage reporting of exchanges.