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51st Virginia Tech Income Tax School

Authors as Published

L. Leon Geyer, Professor, Agricultural Law, Department of Agricultural and Applied Economics, Virginia Tech,  (

This fall we have three seminars to offer:

1. General Income Tax Seminar

Two days of general sessions of intensive study with farm, Maryland tax, and ethics sessions at selected locations (see Table 1). All details can be found by contacting;

Income Tax School Registrar, Continuing and Professional Education
702 University City Blvd., Virginia Tech, Mail Code 0272
Blacksburg, VA 24061
Fax: (540) 231-3306 Phone: (540) 231-5182
Email: Web Page:

Topics covered in the agricultural session:

Agricultural Issues

  • 5-year depreciation recovery period
  • Qualified deferred payment contracts
  • Transitioning farm businesses to rental
  • Social security strategies

Topics covered in the general sessions

  • Sale of a vacation home following rental property treatment
  • Stock options and AMT
  • Foster care
  • Adoption and surrogate mother
  • Reverse mortgages
  • Business use of home: planning—tax effect of claiming the business use of home deduction including the effect on listed property and the effect on sale of home
  • Cell phones and land lines as fringe benefits
  • Internet and computers
  • Passive loss
  • Constructive receipt and expense deduction (checks at end of year)
  • I.R.C. § 179 deduction income limit
  • Energy credits/provisions
  • EITC due diligence
  • Notices from more than one campus for the same taxpayer and the same tax year
  • Substitute for returns
  • Transferring collection cases to local offices
  • Tax audits: explanation of the different types of audit
  • How to communicate with IRS to fix problems
  • How to perfect a general power of attorney
  • Basis of mutual funds and other investments
  • Form 1041: expenses subject to the 2% of adjusted gross income floor
  • Sales of royalties and working interests
  • Stock options and credits
  • Real Estate Issues: financial distress; I.R.C. § 1031 exchanges; and easements
  • Standard mileage rate and recapture
  • Passenger automobile limits
  • I.R.C. § 179 deduction
  • Partial business use of automobiles
  • Leasing an automobile
  • Trade-in of vehicle
  • Employee use of vehicle
  • Reimbursement of employee for vehicle use
  • Entity versus employee ownership of vehicles
  • Safe harbor for farmers
  • Recapture provisions
  • Energy credits
  • Hobby losses and vacation home limits
  • Basis limitation
  • At risk rules
  • Passive activity losses
  • Net operating losses
  • C Corporations
  • Military pay
  • Combat zones (timing of bonuses)
  • Financial distress issues
  • Family issues
  • Schedule A (Form 1040) deductions
  • Basic return filing information
  • Retirement issues
  • Educational assistance


Table 1. General Sessions
General Session
16 hrs.
2 hrs.
2 hrs.
$20 extra Ethics
2 hrs.
Richmond INovember 1-2Day 1noneDay 2
StauntonNovember 3-4Day 1noneDay 2
AbingdonNovember 8-9Day 1noneDay 2
LynchburgNovember 10-11Day 1noneDay 2
RoanokeNovember 15-16Day 1noneDay 2
Falls ChurchNovember 18-19nonenonenone
HerndonNovember 29-30noneDay 1Day 2
FredericksburgDecember 1-2Day 1noneDay 2
WilliamsburgDecember 6-7Day 1noneDay 2
Virginia BeachDecember 8-9nonenoneDay 1
Richmond IIDecember 13-14nonenoneDay 1

2. Introductory Tax Preparation

Three 1-day seminars on Introductory Tax Preparation are scheduled for 3 locations and held in January 2011 (Table 2). These Introductory Tax Preparation Seminars are designed for those who are new or returning to tax preparation and want a course in basic preparation for a professional. The course is based on the 1040 Form. Other forms are discussed in terms of income and the 1040 form.

Table 2. Introductory Tax Preparation Seminars
RoanokeJanuary 4, 20118:30 - 4:45
Falls ChurchJanuary 5, 20118:30 - 4:45*
RichmondJanuary 6, 20118:30 - 4:45


Virginia Cooperative Extension materials are available for public use, re-print, or citation without further permission, provided the use includes credit to the author and to Virginia Cooperative Extension, Virginia Tech, and Virginia State University.


Issued in furtherance of Cooperative Extension work, Virginia Polytechnic Institute and State University, Virginia State University, and the U.S. Department of Agriculture cooperating. Alan L. Grant, Dean, College of Agriculture and Life Sciences; Edwin J. Jones, Director, Virginia Cooperative Extension, Virginia Tech, Blacksburg; Jewel E. Hairston, Administrator, 1890 Extension Program, Virginia State, Petersburg.


August 11, 2010