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Course Details

Defensive Divorce - v14 (Course Id 2364)

New / QAS / Registry / EA
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Author : Danny C Santucci, JD
Course Length : Pages: 95 ||| Word Count: 50,521 ||| Review Questions: 120 ||| Final Exam Questions: 63
CPE Credits : 12.5
IRS Credits : 12
Price : $105.95
Passing Score : 70%
Course Type: NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents
Technical Designation: Technical
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 2364

Description :

This course will teach participants how to apply, implement, and evaluate the strategic tax aspects of marital dissolutions and living together arrangements. Current perspectives on property transfers, asset divisions, alimony, filing status, exemptions, and child support are examined with an emphasis on planning considerations. Property settlements, basis allocation, third party transfers, and purchases between spouses are explored and analyzed. Special attention is given to the division of business interests, retirement plans (including QDROs), insurance policies, and family residences.

Usage Rank : 10000
Release : 2024
Version : 1.0
Prerequisites : General understanding of federal income taxation.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : QAS Self Study
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 12-Sep-2024
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 - Text - NASBA Registry - IRS Enrolled Agents - 2364

Keywords : Taxes, Defensive, Divorce, v14, cpe, cpa, online course
Learning Objectives :

As a result of studying each assignment, you should be able to meet the objectives listed below each assignment.

ASSIGNMENT       SUBJECT
Chapter 1                Basic Marital Tax Matters

       At the start of Chapter 1, participants should identify the following topics for study:

    * Marital status
    * Joint return
    * Separate returns
    * Head of household
    * Exemptions
    * Divorce costs
    * Withholding & estimated tax
    * Community property states
    * Ending the community
    * Living together
Learning Objectives:

       After reading Chapter 1, participants will be able to:
    1. Specify the factors used to determine federal filing status and the effects of filing as married or unmarried.
    2. Identify the requirements for filing a joint return and how to avoid being penalized.
    3. Determine the key elements of filing separate returns including what items to report and identify whether or not married taxpayers should file separate returns.
    4. Cite the requirements for filing as head of household and the tax advantages and disadvantages of this filing status.
    5. Recognize the repeal of personal & dependency exemptions, their former phaseout, availability, and reporting requirements.
    6. Differentiate custodian and noncustodian parent, identify the dependency determination impact, determine the current “qualified child” standard using residency, and identify requirements that must be met for parents to treat a child as a qualifying child of a non-custodial parent.
    7. Identify deductible and nondeductible divorce expenditures specifying which spouse is subject to tax imposed upon withheld wages, and recognize the effects of making separate estimated tax payments or joint declarations of estimated tax.
    8. Determine community property and the community property states, identify the effects of conversion and commingling of property, and how to avoid such marital property issues.
    9. Identify community income earned by married couples for reporting purposes by:
      a. Specifying reporting guidelines, recognizing the allocation of income and what income and property belongs to which spouse when they have different residency statuses;
      b. Recalling the requirements for the special community income allocation rules of §66(a), determining what constitutes community property termination and specifying the treatment of alimony payments versus community share; and
      c. Recognizing the use of statements and records to provide estimates of a former spouse’s income and identifying conditions for greater tax relief.
    10. Identify the effect of living together on filing statuses and dependency, determine differences between the married tax rate and other tax rates, recognize the tax consequences of having a living together contract to avoid tax traps, and specify the results of Marvin v. Marvin.
ASSIGNMENT       SUBJECT
Chapter 2                Transfers Incident to Divorce

       At the start of Chapter 2, participants should identify the following topics for study:

    * Property rights
    * Premarital agreements
    * Application of §1031
    * 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
Learning Objectives:

       After reading Chapter 2, participants will be able to:
    1. Identify types of marital property and their likely division in marital property settlements and specify the legal principles used in dividing assets and providing support on divorce or separation.
    2. Determine the benefits of premarital agreements and the requirements and permissible provisions for a valid and comprehensive agreement under the Uniform Premarital Act.
    3. Specify the position of U.S. v. Davis on interspousal transfers and the changes made by §1041, and identify the requirements of §1041 and the scope of its application.
    4. Select factors that determine whether a property transfer is incident to divorce and identify how to meet these factors or avoid §1041 altogether when desired.
    5. Determine the application of §1041 to transfers in trust under §1041(e) and to third-party transfers on behalf of a spouse or former spouse.
    6. Recognize deferred tax liability by identifying property basis for the transferor spouse and transferee spouse under §1041 after a property settlement.
    7. Specify the application of §1041 to property transfers where the transferee assumes liabilities encumbering the property, and the obligation to supply basis information.
    8. Recognize the dangers of purchasing a former spouse's interest in property, particularly a marital residence and its tendency to create deferred tax liability.
    9. 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 a §1031 exchange to dispose of low-basis property received in a §1041 transfer.
    10. Specify common disposition alternatives available on divorce and identify the home sale exclusion requirements and the tax treatment and use of installment obligations under §453 in divorce.
    11. Recognize sale, redemption, recapitalization, liquidation, and third-party transfers as methods of dividing a business in a marital settlement citing unique provisions under §302, §736, and §754.
    12. Identify whether gain or loss on a sale of real or personal property is capital or ordinary and, recognize the tax treatment of such gain or loss and the role and tax treatment of life insurance in property settlements.
    13. Specify popular methods of dividing private and military retirement benefits in a divorce or separation action identifying the requirements and tax consequences of a “qualified domestic relations order (QDRO).
ASSIGNMENT       SUBJECT
Chapter 3                Spousal & Child Support

       At the start of Chapter 3, participants should identify the following topics for study:

    * Divorce or separation instrument
    * Alimony requirements of instruments executed after 1984
    * Alimony requirements of instruments executed before 1984
    * Deducting alimony paid & reporting alimony received
    * Recapture of alimony for type A & B agreements
    * Alimony substitution trusts & annuities
    * Alimony paid by estate
    * Child support
    * COBRA coverage
    * Qualified medical child support orders
Learning Objectives:

       After reading Chapter 3, participants will be able to:
    1. Recognize how the tax treatment of spousal support payments has dramatically changed under the TCJA, identify the §71 requirements for pre-2019 decree alimony, and differentiate the tax treatment with current law.
    2. Identify the tax treatment of child support and circumstances where a payment will be fixed as child support, and specify events that determine whether a contingency is clearly child-related and how to rebut this presumption of child support.
    3. Recognize the COBRA and qualified medical child support order rules by:
      a. Identifying whether COBRA rules apply to different plans including notice & deadline requirements and specifying situations that may result in a termination of continuing coverage; and
      b. Determining what constitutes “qualified medical child support orders” recognizing differences with other similar orders and identifying the procedures, requirements, and jurisdiction of QMCSOs.
ASSIGNMENT       SUBJECT
Chapter 4                Selected Marital Tax Issues Outside of Divorce

       At the start of Chapter 4, participants should identify the following topics for study:

    * Marriage penalty
    * Spousal travel
    * Dower & curtsey
    * Joint interests and powers of appointment
    * Life insurance
    * Marital deduction
    * Tax basis for estate assets
    * Business interests upon the death of a spouse
    * Gift taxes
    * Social Security survivors’ benefits
Learning Objectives:

       After reading Chapter 4, participants will be able to:
    1. Identify the marriage penalty and marriage bonus associated with filing a joint return by recognizing how standard deductions and tax brackets have differed over time.
    2. Determine the tax treatment of spousal travel including additional cost limitations and identify the benefits of husband and wife partnerships, particularly with regards to Social Security qualification.
    3. Recognize the application of federal estate tax on couples and where estate planning may be necessary as a result of marital status.
    4. Specify the treatment of co-tenancies with or without a right of survivorship identifying qualified joint interests, recognize the impact on the value of a general power of appointment, determine what insurance proceeds are included in the gross estate because of incidents of ownership, and cite the community property issue involved with ownership of life insurance.
    5. Determine the impact of the marital deduction on the gross estate recognizing outright transfer methods and specify the use of a “marital deduction (QTIP) trust” and a “qualified terminable interest trust.”
    6. Identify marital deduction variables including deduction limitations and specify the federal income tax treatment and gift tax treatment of non-citizen spouses.
    7. Recognize the effect common transactions and community property have on §1014 property basis and the benefits of a bypass trust specifying its effect on the marital deduction.
    8. Determine the purposes of the federal gift tax identifying its computational methods and applicable exclusions, specify the advantages of splitting gifts and the gift tax marital deduction recognizing dangers as to “excess” gifts and terminable trusts, and identify Social Security eligibility for family members of a system participant.

Course Contents :

Chapter 1 - Basic Marital Tax Matters

Filing Status

Marital Status

Unmarried

Abandoned Spouse Rule - §7703

Married

Same-Sex Marriage

Joint Return

Citizenship

Liability

Innocent Spouse Exception

Refund Offset Program - §6402

Injured Spouse - Form 8379

Separate Returns

Itemized Deductions

Medical Expenses

Property Tax & Interest

State Income Taxes

Casualty Loss

Separate vs. Joint Dilemma

Disadvantages of a Separate Return

Advantages of a Separate Return

Joint Return After Separate Returns

Head of Household

Requirements

Considered Unmarried

Keeping Up a Home

Qualifying Person

Nonresident Alien Spouse

Exemptions

Personal Exemptions

Spouses

Former Spouse

Deemed Personal Exemption for Related Incorporating Provisions

Dependency Exemptions & Credits

Unified Definition of a Qualified Child

Four Tests

Test #1 - Residency (or Time) & Citizenship

Children of Divorced or Separated Parents

Test #2 - Relationship Test

Test #3 - Age Test

Test #4 - Joint Return Restriction

Medical Expenses

Child-Care Credit

Definition of a Qualified Relative

$500 Credit for Certain Dependents - §24(h)(4)(A)

Final Regulations of Qualifying Relatives - TD 9913

Divorce Costs

Tax Advice - §212(3)

Fees to Obtain Alimony or Protect Income - §212(1) & (2)

Fees to Obtain Property - §1012 & 1016

Nondeductible Expenses

Withholding & Estimated Tax

Joint Estimated Tax Payments

Refunds & Deficiencies

Nonresident Alien Spouse Withholding

Marital Property

Common Law Property

Equitable Distribution

Community Property

Community Property States

Transmutation

Commingling

Income Reporting

Spouses with Different Residency Statuses

Special Income Rules For Spouses Living Apart - §66(a) & §879

Mandatory Application

Earned Income

Social Security Benefits

Other Income

Denial of Community Property Reporting - §66(b)

Community Reporting Relief Provisions - §66(c)

Ending the Community

Annulment

Separation

Pre-2019 Alimony vs. Community Income

Living Together

Married v. Unmarried Tax Rate Comparison

Sham Divorce

Dependency Exemptions

Attributable Income

Alimony & Property Divisions

Chapter 2 - Transfers Incident to Divorce

Property Rights

Marital Property

Common Law Property

Community Property

Equitable Distribution

Separate Property

Asset Division Principles

Premarital Agreements

Uses & Benefits

Control & Scope

Limitations

Retirement Equity Act of 1984

Enforceability Requirements

Checklist

Uniform Premarital Act - The California Example

Permitted Items of Agreement

Unenforceable Items

Property Settlements

Section 1041

Application of §1041

U.S. vs. Foreign Spouse

Mandatory Scope

Property vs. Income

Unpaid Income

Savings Bonds

Receivables

Interest

Imputed Interest

Transfers to a Former Spouse Incident to Divorce

Related To Termination

Rebuttable Presumption

Divorce or Separation Instrument

Transfers in Trust

Third-Party Transfers

Property Basis

Gift Variation

Passive Activity Loss Property

Property Transferred In Trust

Basis in U.S. Savings Bonds

Negotiated Property Divisions

Adjudicated Property Divisions

Caselaw

General Rule - Immediate & Specific

Liabilities

Holding Period

Notice & Recordkeeping

Purchases Between Spouses

Residence

Home Mortgage Interest

Deferral & Exclusion of Gain

Business & Investment Property

Recapture

Section 1031 Exchange

Asset Separation

Related Parties

Two-Year Restriction

Foreign Property

Form 8824

Spousal Transfers

Installment Sale of Assets

Selected Asset Divisions

Residence

Section 121 Home Sales

Two-Year Ownership & Use Requirements

Special Divorce Rules

Tacking of Prior Holding Period

Prorata Exception

Limitations on Exclusion

Installment Obligations

Business Interests

Corporate Stock

Cases & Rulings

Section 302 Stock Redemption

Recapitalization

Partnerships

Section 736(a) Payments

Effect on Recipient

Section 736(b) Payments

Effect

Exclusions From §736(b) Treatment

Liabilities

Series of Payments

Section 754 Election

Insurance Policies

Real & Personal Property

Classification of Assets

Character of Gain or Loss

Capital Assets - §1221

Long-Term or Short-Term

Installment Sale

Net Gain or Loss

Treatment of Net Capital Gains

Section 1231 Assets

Gains & Losses

Recapture Of Net Ordinary Losses

Ordinary Assets

Depreciable Property

Recapture on Personal Property

Section 1245 Property

Treatment of Gain

Recapture on Real Property

Section 1250 Property

Pension Benefits

Qualified Domestic Relations Order

Taxation of Distributions

Deferred v. Present Division of Benefits

Deferred Division Arguments

Present Division or Alternate Property Arguments

Individual Retirement Arrangements

IRA Deduction Limit

Rollovers

Divorce Distributions

Amounts Not Rolled Over

Retirement Planning After Divorce

Social Security Benefits

Divorced Spouse Benefits

Divorced Widow(er) Benefits

Military Pensions

Divorced Spouse Benefits

Jurisdiction Requirement

Disposable Pay

Direct Payment

Divorced Widow(er) Benefits

Social Security Offset

Civil Service Pensions

Divorced Spouse Benefit

Divorced Widow(er) Benefit

Railroad Pensions

Divorced Spouse Benefit

Divorced Widow(er) Benefit

Bankruptcy

Chapter 3 - Alimony & Child Support

Alimony

Pre 2019 Decrees

#1 - Divorce or Separation Instrument - (§71(b)(1)(A))

Invalid Decree

Amended Instrument

Premarital Agreements

Voluntary Payments

Payments to Remarried Spouse

#2 Different Households - (§71(b)(1)(C))

Exception

#3 Termination at Death - §71(b)(1)(D))

Substitute Payments

#4 Payments Must Be In Cash - (§71(b)(1))

Payments to a Third Party

Written Requests, Consents, or Ratifications

Payments for Family Residence

Taxpayer-Owned Home

Spouse-Owned Home

Jointly-Owned Home

Mortgage Payments on Jointly-Owned Home

Taxes & Insurance on Jointly-Owned Home

Utilities

Rent On Property Owned by a Third Party

Payments for Life Insurance

Contingent Interest

#5 No Designation as Not Alimony - §71(b)(1)(B)

#6 Payment Cannot Be Child Support - §71(c)(1)

Past Due Child & Spousal Support Payments

#7 Joint Return Prohibited

2019 & Later Decrees – No More Alimony

Tax Treatment of Alimony

Instruments Executed Before 2019

Alimony Paid - Deductible

Reporting Alimony Received - Income

Alimony as Compensation

Recapture of Alimony

Exceptions to Recapture

Including the Recapture in Income

Deducting the Recapture

Exceptions

Computation

Alimony Substitution Trusts & Annuities

Annuities

Alimony Paid by an Estate

Instruments Executed After  2018

Child Support

Contingency Relating To the Child

Clearly Associated With a Contingency

Heller Case

Rebuttable Presumptions

COBRA Coverage

Coverage Termination

Notice

Election

Choice of Coverage

Cost

Deductibles

Qualified Medical Child Support Orders

Definition

Procedures & Duties

Jurisdiction

Chapter 4 - Selected Marital Tax Issues Outside of Divorce

Federal Income Tax

Marriage Penalty

Standard Deduction

Tax Brackets

Spousal & Companion Travel Expenses - §274(m)(3)

No Additional Cost Rule

Employee Exclusion of Spousal Travel Reimbursements - §132

Husband-Wife Partnerships

Qualified Joint Venture Election

One Spouse Employed by the Other

Federal Estate Tax

Dower & Curtsey - §2034

Community Property Comparison

Joint Interests - §2040

Qualified Joint Interest

Powers of Appointment - §2041

Ascertainable Standard

5/5 Power

Life Insurance - §2042

Incidents of Ownership

Community Property Issue

Marital Deduction - §2056

Outright to Spouse

Marital Deduction (QTIP) Trust

Qualified Terminable Interest Trust

Requirements

Net Value Rule

Non-Citizen Spouse

Gifts to Non-Citizen Spouses

Tax Basis for Estate Assets - §1014

Community Property Cost Basis

Business Interests - Death of a Spouse

Bypass Trust

Gift Taxes - §2501 to §2524

Gift Tax Computation

Calculation Steps

Applicable Exclusion - §2505

Application - §2501

Entity Rule

Split Gifts - §2513

Community Property States

Annual Exclusion

Per Donee/Per Year

Gifts in Excess of the Annual Exclusion

Gift Tax Marital Deduction

Nondeductible Terminable Interests

Social Security Survivors Benefits

Appendix A - Section 71 & Regs.

Appendix B - Section 1041 & Regs.

Appendix C - California Uniform Premarital Agreement Act

Glossary

Click to go to: Divorce CPE: Certified Divorce Financial Analyst & IFDA Courses
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