• Calculate the limitations on deducting passive activity losses and the at-risk limitations on deducting losses on a current year’s tax return.
• Distinguish between a passive activity that would be subject to passive loss rules and an active activity that would not be subject to passive activity rules.
• Identify which properties qualify for Section 1231 treatment.
• Recognize when an involuntary conversion or like-kind exchange may be used to defer tax recognitions.
• Calculate gains and losses from property transactions.
• Distinguish among different recapture provisions.
• Determine when the rules regarding the subdivision of real estate under IRC Section 1237 apply to a transaction

• Passive losses
• At-risk rules
• Like-kind exchanges
• Involuntary exchanges
• Expensing versus capitalization
• Capital versus ordinary income

None.