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Course Details

Cancellation of Debt (Video) (Course Id 1286)

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Author : Arthur Reed, MBA, CIA, CPA, CFE
Status : Production
CPE Credits : 2.0
IRS Credits : 2
Price : $29.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 1286

Description :

There is an excellent chance that one or more of your clients will receive a Form 1099C for the cancellation of debt this tax season. Whether it be from a loan modification on their principal residence or the elimination of credit card debt, this cancellation of debt may or may not be taxable income. Do you know what qualifies as the insolvency exception? Or did you know that you may have to adjust the basis of the property for the exclusion amount? Or that some of your principal resident debt may not qualify?

In this course Professor Arthur Reed, CPA, MBA, MST will walk through Form 982 and explain how to determine if these exceptions apply to your clients.

    Please Note: This courses author is working on the providing transcripts, PDFs, and slides where applicable. Unfortunately until then we will not be able to offer them with the course but felt the course was valuable enough as it is so have chosen to include it on our site. Our sincere apologies for any inconvenience and please let us know any question using the support bubble on the bottom right of all pages on our site.

Usage Rank : 0
Release : 2017
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 29-Nov-2017
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - IRS Enrolled Agents - 1286

Keywords : Taxes, Cancellation, Debt, Video, cpe, cpa, online course
Learning Objectives :

Course Learning Objectives

Upon successful completion of this course participants will be able to understand and apply the concepts from:
  • IRS Code Section 61 and Form 982
  • The Advocate Service Publication and IRS Form 1099C.
  • Bankruptcy and Insolvency - IRS Publication 4681 and Form 982.
  • Farming and Business Related Insolvency.
  • The Workout Provisions and IRS Publication 4681.
  • Ordering Provisions and IRS Publication 4681 and Form 982.
  • Basis Attributes and Adjustments and IRS Publication 4681.
  • Knowing the rules regarding Student Loans.

Course Contents :

Chapter 1 - Cancellation of Debt

Chapter 1 Review Questions

Glossary

Taxes Course 1286 Home: https://www.cpethink.com/tax-cpa-courses
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