Lesson: Summary of Asset Classification

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In this lesson, dive into the complexities of asset classification with a focus on capital gain section 1231 and how it applies to individuals and C-Corporations. Nick highlights the need for memorization using a variety of graphic aids to cement the concepts of tax treatment and rates for various types of gains or losses. As he walks you through the intricate rules surrounding asset classification, Nick offers reassurance about the daunting task of memorization by emphasizing its importance for exam success. He concludes by reminding everyone that while it may seem overwhelming at first, understanding these classifications plays a crucial role in mastering the material necessary for the CPA exam.

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Property Tax: Acquisition and Disposition of Assets
Module: 5 Concepts, 55 Videos
Basis and Holding Period of Assets Overview
0:44
Introduction to Basis and Holding Period of Assets
8:20
Costs Included in a Asset's Taxable Basis
7:24
Examples of Calculating Tax Basis
3:20
Holding Period of Purchased Property
3:00
Adjusted Basis
4:19
Gifted Property
10:50
Inherited Property
9:34
Capitalizing vs. Expensing Costs
9:39
Basis of Donated Property
4:05
Basis and Holding Period of Assets Summary
0:39
Basis and Holding Period of Assets - Practice Questions
4:49
Taxable and Nontaxable Dispositions Overview
1:43
Introduction to Taxable and Nontaxable Dispositions
3:21
Gain Recognized on Property Received as Compensation
2:31
Like-Kind Exchanges
27:44
Disposition of Assets
6:41
Gain Exclusions for Disposition of Assets
16:24
Loss Exclusions for Disposition of Assets
8:03
Taxable and Nontaxable Dispositions Summary
0:28
Taxable and Nontaxable Dispositions - Practice Questions
5:16
Amount and Character of Gains and Losses, and Netting Process Overview
1:29
Introduction to Amount and Character of Gains and Losses, and Netting Process
6:15
Capital Gains and Losses for Individuals
14:28
Tax Treatment of Collectibles
1:12
Qualified Small Business Stock
1:09
Corporate Capital Gains and Losses
1:37
Asset Classification
29:56
Installment Sales
8:01
Cancellation of Debt
3:18
Stock Options and Equity-Based Compensation
30:45
Involuntary Conversions
5:30
Summary of Asset Classification
1:23
Amount and Character of Gains and Losses, and Netting Process Summary
0:51
Amount and Character of Gains and Losses, and Netting Process - Practice Questions
6:32
Related Party Transactions Overview
2:10
Introduction to Related Party Transactions
3:11
Overview of Section 267
3:52
Examples of Related Parties
2:54
Section 267 Attribution Rules
6:34
Disallowed Losses Due to Related Party Transactions
1:35
Capital Gains and Losses for Related Parties
9:28
Below Market Loans and Imputed Interest
4:48
Gifted Property Basis
5:01
Related Party Transactions Summary
0:51
Related Party Transactions - Practice Questions
5:07
Cost Recovery Overview
1:29
Introduction to Cost Recovery
3:05
Types of Property Per the IRS
2:14
Modified Accelerated Cost Recovery System (MACRS) Depreciation
23:35
Section 179 Expense
12:51
Order of Depreciation and Depletion
6:01
Amortization of Intangible Assets
18:47
Cost Recovery Summary
0:43
Cost Recovery - Practice Questions
2:54