Tax, Bankruptcy and Financial Problems (eBook)

  • Credits: 19
  • Format: Self-Study eBook
  • Field of Study: Federal Tax Law
  • Author/Speaker: Danny Santucci
Available Formats:  
Advanced Preparation: None
Experience Level: Basic
Program Prerequisites: General understanding of Federal Income Taxation
Course ID: EWTFM-T-01998-22-S | 6233-CE-0727 | DS-128.S-22
Published Date: Mar 2022

Test the treacherous (and shark-infested) waters of tax, bankruptcy, and financial problems. This course will teach participants how to apply, implement, and evaluate the strategic tax aspects of bankruptcy, property settlements, debt cancellation, and foreclosure. Current perspectives on asset protection, repossession, and bad debts are examined with an emphasis on planning considerations. The cancellation of indebtedness income inclusion rules is examined 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 is explored with detail given to the calculation of gain and received property basis. Finally, eldercare and estate planning are reviewed and detailed.

Topics include:
  • Chapter 1 Bankruptcy
  • Chapter 2 Transfers Incident to Divorce
  • Chapter 3 Asset Protection
  • Chapter 4 Medical, Charitable, and Casualty
  • Chapter 5 Debt Cancellation & Foreclosure
  • Chapter 6 Repossession
  • Chapter 7 Bad Debts
  • Chapter 8 Elderly & Disabled Planning
  • Chapter 9 Estate Planning

Learning Objectives:

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

  • Determine how the 2005 Bankruptcy Act changed procedures, qualifications, and tax law, and identify the most common bankruptcy types recognizing their influence on how an individual or business “goes bankrupt.”
  • Determine tax effects of purchasing an interest in personal or real property used in a business or held for investment, recognize potential recapture and identify the use of exchange to dispose of low-basis property received in a §1041 transfer.
  • Determine fraudulent transfer identify badges of fraud, statutes of limitation, and criminal penalties, and specify permissible asset transfers.
  • Identify deductible §213 medical care expenses for federal tax purposes 
  • Recognize the effect that debt cancellation has on net worth and potential income inclusion from cancellation of indebtedness income, and identify exceptions to the general income inclusion rule and their tax effect.
  • Select which §1038 repossession rules apply to a transaction, and determine basis and gain or loss resulting from repossession of personal property using installment and non-installment methods of sale.
  • Identify the qualifications for §166 tax treatment of business bad debts.
  • Specify ways to manage an incompetent person’s estate, recognize joint tenancy and its benefits, and identify the levels of conservatorship that can influence assistance in the management and protection of an estate and/or personal care.
  • Identify the concepts of “stepped-up basis” and “modified carryover basis” for estate tax purposes.

Who Should Attend:
  • All Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Other Tax Return Preparer (OTRP)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorships: