Learning Objectives Identify Sec. 1231 property Understand the tax treatment for Sec. 1231 transactions Apply the recapture provisions of Se.1245 Apply the recapture provisions of SeC.1250 Describe other recapture applications

Learning Objectives Understand the tax consequences arising from a like-kind exchange Determine the basis of property received in a like-kind exchange

Learning Objectives Explain the rules for adopting and changing an accounting period Explain the differences among cash, accrual, and hybrid accounting Determine whether specific costs must be included in inventory

Learning Objectives Classify property and calculate depreciation under the pre-ACRS rules Classify property and calculate cost recovery under the ACRS rules Classify property and calculate cost recovery under the MACRS rules

Learning Objectives Determine the proper classification and deductibility of travel and transportation expenses Determine the proper deductible amount for entertainment expenses under the 50% disallowance rule Identify deductible moving expenses and determine the amount and year of deductibility

Learning Objectives Identify transactions that may result in losses Determine the proper classification for losses Calculate the suspended loss from passive activities Identify what constitutes a passive activity loss

Learning Objectives Identify qualified medical expenses and compute the medical expense deduction Determine the timing of a medical expense deduction and the effect of a reimbursement Identify taxes that are deductible as itemized deductions

Learning Objectives Distinguish between deductions for and from AGI Discuss the criteria for deducting business and investment deducting travel and entertainment or List the substantiation requirements fo expenses Explain the timing of deductions under both the cash and accrual methods

Learning Objectives Determine the realized gain or loss from the sale or other disposition of property Determine the amount realized from the sale or other disposition of property Determine the basis

Learning Objectives Explain the conditions that must exist for an item to be excluded from gross income Determine whether an item is income Decide whether specific exclusions are available Understand employment-related- fringe benefit exclusion items