Determine the gain or loss on the sale of property and how to report sales.
Classify assets sold as ordinary assets, capital assets (§1221), or a §1231 business assets.
Explain and apply the tax rules for recognizing gains or losses on the sale of ordinary assets.
Explain and apply tax rules for recognizing short-term and long-term gains or losses on the sale of capital assets (§1221).
Calculate recognized gain or loss on the sale of §1231 business assets including gain recapture provisions of §1245 and §1250 property.
Describe the tax rules for special types of sales including capital gain distributions, sales of mutual funds, worthless securities, §1244 stock sales, and sales of property received as a gift.
