The National Directory of Certified Public Accountants

Ask A CPA - Sale of Business Property

Form 4797 Part 3 Transactions

A partial list of transactions include: Section 1245 Property including depreciable Personal and Real Property Section 179 deduction A Single purpose agricultural or horticultural structure A nonpetroleum storage facility Clean Fuel vehicles Section 1250 property inclusive of depreciable real property when an accelerated depreciation method was used Real property when ACRS depreciation method was used disposition of certain Farmland gain on dispositions of Oil and Gas properties that included depletion and IDC expenses

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