- 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-01741-21-S | 6233-CE-0466||None||Overview|
|Published Date:||Program Prerequisites:||Other Course Formats:|
|© February 2021||General Understanding of Federal Income Taxation||Self-Study eBooks|
Participants will learn how to apply, implement, and evaluate the strategic tax aspects of marital dissolutions and living together arrangements. Current perspectives on property transfers and asset divisions are examined with an emphasis on planning considerations.
This mini-course reviews property settlements and other transfers incident to divorce. Basis allocation, third-party transfers, and purchases between spouses are also examined. Common pitfalls for the unwary such as transfers in trust, installment notes, and purchases between spouses are analyzed. Application of these tax principles is exampled in selected asset divisions of the residence, business interests, insurance, and pension benefits.
- Property rights
- Premarital agreements
- Incident to divorce
- Property basis
- Purchases of residence between spouses
- Purchases of business interests between spouses
- Selected asset divisions of residence & business interests
- Real & personal property
- Pension benefits
After reading the course material, you will be able to:
- Identify the various forms of marital property and how to proceed with a tax structured property settlement stating the benefits of premarital agreements to avoid potential divorce problems.
- Recognize property settlements under §1041 by:
a. identifying its application to interspousal and third party transfers,
b. specifying the factors that determine whether or not a property transfer is an incident to divorce under §1041,
c. determining property basis for the transferor and transferee spouse under §1041.
- Identify remedies for the deferred tax pitfall of §1041 by:
a. determining the deferred tax liability of interspousal purchases,
b. recognizing the tax deferral of §1031 exchanges,
c. specifying the key elements of the home sale exclusion and stating their application;
d. recognizing benefit distribution problems and the tax advantages of QDROs.
Who Should Attend:
- All Certified Public Accountants (CPAs)
- Enrolled Agents (EAs)
- Tax Return Preparers (TRPs)