This course, the second session in a series on real estate taxation, will address involuntary conversions, including Section 1033, condemnations, state issues, and how to elect Section 1033 treatment. Participants will also explore rental real estate activities of real estate professionals along with passive activity limitations (PAL) rules and Section 469. In addition, you will understand the character of dispositions of real estate. At the conclusion of this session you will be able to do the following:
- Define Involuntary conversions and identify concepts related to involuntary conversions including but not limited to:
- Section 1033
- Property that is “similar or related in service or use”
- When must the reinvestment occur, how much must be reinvested, rules for reinvesting in multiple properties, etc.
- How long the replacement property must be held and the basis of the new property
- Reinvesting in property obtained from a related person and reinvesting through construction
- Obtaining control of a corporation owning replacement property
- Define the characteristics of disposition of real estate in accordance with Sections 1221 and 1231
- Apply the tax law associated with rental real estate activities of real estate professionals
Patrice Johnson is a Manager of accounting curriculum for Becker Professional Education. In her current role, she oversees the development of new courses and ensures that courses on the catalog are updated for current changes in accounting guidance and tax laws. Patrice serves as an instructor for Becker’s tax continuing education courses and writes content for Becker’s CPA exam and ACCA exam review courses. Patrice received her Bachelor’s degree and Master of Accountancy (with a specialization in Taxation) from The University of Georgia and holds a CPA license in the state of Georgia. After graduating from UGA, Patrice started her career in public accounting at PricewaterhouseCoopers in Atlanta and was there for six years. Patrice’s clients were primarily publicly traded manufacturers. Patrice focused on federal and state consolidated tax returns, accounting for income taxes, research and development tax credit projects, and federal tax research and technical memo preparation.Patrice left PwC as a tax manager to work directly for the tax director of Harland Clarke. With Harland Clarke, she continued her focus on tax provisions and federal and state income tax compliance. After her time in industry, Patrice was invited to enter into academia. She spent two years teaching tax courses at the undergraduate and graduate level at The University of Georgia in Athens, Georgia, and four years teaching accounting and taxation courses at Wesleyan College in Macon, Georgia. Patrice has taught a variety of courses including. In 2013, Patrice received the Vulcan Materials Company Teaching Excellence Award at Wesleyan College. Patrice is a member of the Georgia Society of CPAs and a lifetime member of the UGA Alumni Association.
Becker Professional Education Sponsor I.D. Numbers NASBA: 107294, New York: 002087, New Jersey: 20CE00226700, Texas: 009580, Ohio: CPE.186, Illinois 158.002405, Pennsylvania: PX177823