Making the Best of Bad Situations Mini (ebook)

  • Credits: 2
  • Format: Self-Study eBook
  • Field of Study: Federal Tax Law
  • Author/Speaker: Danny Santucci, CPA
Course ID: Advanced Preparation: Experience Level:
EWTFM-T-01768-21-S | 6233-CE-0492 None Overview
Published Date: Program Prerequisites: Other Course Formats:
© February 2021 General Understanding of Federal Income Taxation Self-Study eBook
COURSE DESCRIPTION

This mini-course will teach participants how to apply, implement, and evaluate the strategic tax aspects of marital and financial setbacks. Property transfers, asset divisions, alimony, filing status, exemptions, and child support are examined.

The cancellation of indebtedness income inclusion rules is discussed in the context of debt forgiveness and property foreclosure. Emphasis is given to the exceptions from income inclusion contained in §108. The tax treatment of property repossession under §1038 and bad debt treatment under §166 is reviewed.

Topics include:
  • Marital tax liability
  • Transfers incident to divorce
  • Alimony & child support
  • Debt cancellation & income inclusion rule
  • Reduction of tax benefits
  • Foreclosure
  • Repossession of personal property
  • Repossession of real property
  • Non-business bad debts
  • Business bad debts

 

Learning Objectives:

After reading the course material, you will be able to:

  • Recognize tax considerations and tax guidance for marital breakdowns and, identify marital status specifying the effect marital status has on filing status and federal income tax obligations.
  • Identify state marital property provisions, cite the elements of §1041 identifying at least two tax traps for the unaware, and specify variables that determine whether a payment is an alimony.
  • Determine the exceptions to the general income inclusion rule specifying their tax impact, and recognize the various issues related to calculating gain or loss resulting from foreclosure or repossession including the differences between personal and real property repossession, the amount realized on a sale, or other distribution of property in foreclosure, and basis calculation on repossession of property.
  • Identify nonbusiness and business bad debts under §166 determining their differences in Code requirements and the amount allowed.

 

Who Should Attend:
  • All Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Tax Return Preparers (TRPs)

 

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s:
NASBA
IRS
CTEC