Cryptocurrency and Property Tax Problems and Issues

General Description:

This course covers tax issues related to property transactions including capital assets, §1231 assets, §1244 small business stock, and certain cryptocurrency issues.

Learning Objective:

After completing this course the participant will be able to:

• Identify capital assets, §1244 stock, and §1231 assets.
• Identify whether §1245 or §1250 applies to an asset.
• Apply the capital gain and loss netting procedure.
• Apply the §1231 netting procedure.
• Determine whether the five-year "look back" rule applies to a §1231 transaction.
• Explain the tax provisions related to §1244 small business stock.
• Advise clients on issues regarding §1245 and §1250 assets.
• Discuss the tax rules related to property transactions involving cryptocurrencies.
• Identify appropriate authorities for property-related transactions.

Instructors:

Richard L. Russell, Jr. is an associate professor of accounting at Metropolitan State University of Denver (MSU Denver), teaching Tax I & II in the undergraduate program and Tax Research, Tax Practice & Procedure, and Partnership Taxation in the graduate Master of Professional Accountancy program. He earned his bachelor’s degree in accounting and Master of Professional Accountancy from Jackson State University and J.D. from the University of Iowa College of Law. He is licensed as a CPA in Mississippi and Colorado and licensed as an attorney in Colorado. He has served as a member of the AICPA’s Regulation Subcommittee, which votes on CPA exam questions related to tax and business law, and is licensed to practice before the United States Tax Court.

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