Sale of Business Property

Lecture Content

Different rules apply to the sale of capital and noncapital assets. Gains and losses on the disposition of personal and investment property are taxed differently than gains and losses on the sale of business property. This manual provides a close-up look of how to report dispositions of business-use assets on Form 4797.

Topics Covered

* Character of gain or loss
* Sale of business property
* Section 1231 property
* Section 1245 and 1250 property
* Selling a business
* Form 8594 Asset Acquisition Statement
* Reporting section 1231 gains and losses
* Line-by-line instructions for preparation of Form 4797 – Sale of Business Property
* Comprehensive illustration of Form 4797
* Sale of publicly traded partnerships (PTPs)
* Passive activity loss rules for partner’s interest in a PTP
* Comprehensive illustration – Sale of PTP interest

You can purchase the manual for this course for $1.99 at

Pacific Northwest Tax School is approved by the following organizations as a provider of continuing education:

* The IRS
* NASBA QAS (NASBA Sponsor #109290),
* Oregon Tax Board,
* The Texas State Board of Public Accountancy (Texas Sponsor #009794)
* The New York State Board for Public Accountancy (Sponsor License #002479)

You can receive 2 hours of CE for $40 by enrolling in this course at

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Pacific Northwest Tax School’s course materials and teaching techniques are valuable proprietary information of Pacific Northwest Tax School, and all such information is subject to copyright, including written, recorded, internet based as well as all other electronic media. Each Student agrees that she/he will use the information only for purposes of education and training; and as a condition of enrollment, that they will not disseminate the information to any third party and will treat the materials as confidential information of Pacific Northwest Tax School. As a condition of enrollment, Students pledge not use any information in any competitive fashion, including to create or derive competitive materials. Students further agree that any breach of these terms and conditions shall cause the school irreparable harm, entitling Pacific Northwest Tax School to injunctive relief, as well as any other remedy that may be available at law or equity. Students shall have twelve months from date of enrollment in any continuing education course, to successfully complete the course and receive their Certificate of Completion.