It is important to consider that, like individuals,
corporations routinely acquire, hold, sell, and exchange items of property.
Consequently, a solid understanding of property transactions and
key concepts, such as amount realized and
adjusted basis, are essential for you to learn the concepts covered in this course.
A review will be provided later, but I highly recommend that you study
the taxation of property transactions on your own before continuing.
You'll thank me later, I promise.
One last thing, this course accommodates extensive changes made to corporate
tax laws on December 22nd,
2017, by HR1, and formerly known as the Tax Cuts and Jobs Act, or TCJA.
And officially known as, quote, an act to provide for
reconciliation pursuant to titles two and
five of the concurrent resolution on the budget for fiscal year 2018.
Thus, you can save yourself a lot of frustration by ensuring that any
supplemental materials you use during this course, such as textbooks,
tax statutes, and regulations and even news articles are up-to-date.
I'll see you soon.