Enroll Course: https://www.coursera.org/learn/federal-taxation-business
Navigating the complexities of U.S. federal taxation, especially concerning property transactions for business owners and shareholders, can be a daunting task. Fortunately, Coursera offers a robust course, ‘Federal Taxation II: Property Transactions of Business Owners and Shareholders,’ that demystifies these intricate rules.
This course is a deep dive into how the U.S. federal tax system impacts property dealings. It meticulously covers essential concepts like cost recovery, including depreciation, amortization, and depletion. A significant portion of the curriculum is dedicated to understanding the crucial difference between realized and recognized gains and losses. Learners will also explore the tax implications of nontaxable exchanges and the critical process of netting gains and losses of varying natures.
The syllabus is structured logically, starting with an introduction to cost recovery and depreciation in Module 1, distinguishing between realty and personalty, and explaining the Modified Accelerated Cost Recovery System (MACRS). Module 2 expands on this, delving into accelerated depreciation (Section 179 and bonus depreciation), listed property limitations, amortization of intangibles, and depletion for natural resources.
Modules 3 and 4 tackle gains, losses, and adjusted basis, explaining realized versus recognized amounts and the establishment of basis (cost, gift, inheritance). They also cover disallowed losses, like-kind exchanges, involuntary conversions, and the impact of ‘boot’ in exchanges.
Subsequent modules, 5, 6, and 7, address special gain/loss provisions such as the sale of a primary residence, contributions to business entities, wash sales, worthless securities, and the characterization of gains and losses (ordinary, Section 1231, capital). Depreciation recapture (Sections 1245 and 1250) and the Net Investment Income Tax are also thoroughly explained.
The course culminates in Module 8 with a comprehensive exam, designed to test the application of learned tax rules to practical scenarios. The assignments are thoughtfully crafted to encourage self-discovery and the development of practical skills.
Overall, ‘Federal Taxation II: Property Transactions of Business Owners and Shareholders’ is an invaluable resource for anyone involved in business or finance, particularly those aiming to optimize tax strategies related to property. Its clear explanations, comprehensive coverage, and practical application make it a highly recommended course for advancing one’s understanding of federal taxation.
Enroll Course: https://www.coursera.org/learn/federal-taxation-business