||Field Of Study
|Interactive Self Study
||Basic Understanding of Taxes
|Basic to Intermediate
Tax, Bankruptcy and Financial Problems
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 are 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.
Who Should Attend: CPAs
CHAPTER 1 Bankruptcy
CHAPTER 2 Transfers Incident to Divorce
CHAPTER 3 ASSET PROTECTION
CHAPTER 4 Medical, Charitable & Casualty
CHAPTER 5 Debt Cancellation & Foreclosure
CHAPTER 6 Repossession
CHAPTER 7 Bad Debts
CHAPTER 8 Elderly & Disabled Planning
CHAPTER 9 ESTATE PLANNING
After reading Chapter 1, participants will be able to:
1. Determine how the 2005 Bankruptcy Act changed procedures, qualifications and tax law, and identify the most common bankruptcy types noting their influence on how an individual or business “goes bankrupt.”
2. Specify the rules for automatic stay and levy noting their impact on “freezing” creditor activity, tax assessment, and collection.
3. Identify the differences between preferential and nonpreferential payments noting the priority of creditor claims.
4. Recognize when debt is discharged under various bankruptcy types and identify how to establish an individual bankruptcy estate determining its taxable income and filing requirements.
5. Identify partnership and corporate bankruptcies, specify debts covered under homesteading, and determine permissible garnishment amounts noting special garnishment rules.