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| Author : | Danny C Santucci, JD |
| Course Length : | Pages: 26 ||| Word Count: 17,466 ||| Review Questions: 10 ||| Final Exam Questions: 10 |
| CPE Credits : | 2.0 |
| IRS Credits : | 2 |
| Price : | $17.95 |
| 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 247 |
| Overview : |
1. Who is this list of CPE courses for?
This CPE course is designed for CPAs, accountants, IRS Enrolled Agents, and other tax professionals seeking Continuing Professional Education who have a general understanding of federal income taxation. 2. What is this list of CPE courses about or what problem does this course solve? This course explains the federal tax consequences of personal bankruptcy, divorce, foreclosure, debt cancellation, repossessions, and bad debts. It teaches participants how to apply the tax rules governing marital tax issues, property transfers, income inclusion, and debt-related transactions so they can correctly evaluate and report these complex situations. 3. Why is this list of CPE courses important to a CPA, Accountant, or IRS Enrolled Agent? Because the course includes IRS credit, it helps tax professionals understand and apply the Internal Revenue Code provisions governing divorce-related tax issues, cancellation of indebtedness, foreclosure, repossessions, and business and nonbusiness bad debts, improving the accuracy of tax planning, reporting, and compliance. 4. When is this list of CPE courses relevant or timely? This course is relevant whenever clients experience significant financial or personal events such as bankruptcy, divorce, debt forgiveness, foreclosure, repossession, or worthless debts, and during tax planning or return preparation involving these transactions. 5. Where can this list of CPE courses be found and accessed? This self-study text course can be accessed through the CPE Think online course catalog, where participants can purchase the course, study the materials, complete the final examination, and earn both CPE and IRS continuing education credit. 6. How is a list of CPE courses like this consumed or used? Participants complete the self-study reading materials, review the learning objectives and review questions, pass the final examination with a minimum score of 70%, and earn 2.0 CPE credits and 2 IRS credits upon successful completion. |
| Description : |
This mini-course will teach participants how to apply, implement, and evaluate the strategic tax aspects of marital and financial setbacks. Property transfers, asset divisions, alimony, filing status, exemptions, and child support are examined. The cancellation of indebtedness income inclusion rules are discussed 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 and bad debt treatment under §166 is reviewed. |
| Usage Rank : | 15455 |
| Release : | 2008 |
| Version : | 1.0 |
| Prerequisites : | General understanding of federal income taxation. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
External: What Is Bankruptcy?
Internal: Handling Bankruptcy Divorce - Tax Tribulations (Mini‑Course)
Internal: Tax Bankruptcy & Financial Problems Course
External: IRS - Income from Discharge of Indebtedness (26 U.S. Code § 108)
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 01-May-2025 |
| 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 - 247 |
| Keywords : | Making the Best of Bad Situations - Personal Bankruptcy, Divorce, Foreclosure, Bad Debts, Repossessions and Other Tax Tribulations - Mini Course - CPE course for CPAs |
| Learning Objectives : | As a result of studying the assigned materials, you should be able to meet the objectives listed below. ASSIGNMENTAt the start of the materials, participants should identify the following topics for study:
After reading the materials, participants will be able to:
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| Course Contents : | Chapter 1 - Making the Best of Bad Situations Marital Tax Liability Filing Status Marital Status Abandoned Spouse Rule - §7703 Joint Return Innocent Spouse Exception Refund Offset Program - §6402 Injured Spouse - Form 8379 Separate Returns Disadvantages of a Separate Return Advantages of a Separate Return Head of Household Children of Divorced Parents Unified Definition of a Child Children of Divorced or Separated Parents Divorce Costs Tax Advice - §212(3) Fees to Obtain Alimony or Protect Income - §212(1) & (2) Fees to Obtain Property - §1012 & 1016 Property Rights Marital Property Common Law Property Community Property Equitable Distribution Premarital Agreements Limitations Enforceability Requirements Property Settlements Section 1041 Incident to Divorce Related To Termination Divorce or Separation Instrument Property Basis Bankruptcy Alimony & Spousal Support Alimony Restrictions & Requirements Pre 2019 Decrees 2019 & Later Decrees Pre-2019 Recapture Child Support Contingency Relating To the Child Clearly Associated With a Contingency Debt Cancellation & Foreclosure Income Inclusion Rule Exceptions from Income Inclusion Order of Exclusions Bankruptcy Case Exclusion - §108(a)(1)(A) Insolvency Exception - §108(a)(1)(B) Qualified Farm Debt Exclusion - §108(a)(1)(C) Qualified Farm Debt - §108(g)(2) Qualified Person - §108(g)(1) Real Property Business Debt - §108(a)(1)(D) Qualified Debt Exclusion Limit Ordinary Income Recapture Partnerships Deemed Distribution Rules S Corporations Student Loan Exception - §108(f) Purchase Money Debt Reduction Exception - §108(e)(5) Cancellation of Deductible Debt Exception - §108(e)(2) Reduction of Tax Benefits (Attributes) - §108(b) General Ordering of Tax Attribute Reduction Basis Reduction Depreciable Property Election Procedure Required Reduction Timing of Basis Reduction Limit on Basis Reduction Recapture of Basis Reductions Exempt Property Special Basis Reduction Rule for Qualified Farm Debt Qualified Property Basis Reduction Order Exclusion Limit Individual Bankruptcy Partnership Bankruptcy Depreciable Property Allocation of Debt-Discharge Income Corporate Stock-For-Debt Rule Token Share Inclusion Workout Inclusion Recapture of Gain on Later Sale Debt Contributed to Capital Debt-For-Debt Exchange Earnings & Profits S Corporation Bankruptcy Net Operating Losses Adjustments to Shareholder’s Basis in Debt Bankruptcy Estate as Shareholder Reporting Amount Realized On Sale or Other Distribution of Property Foreclosure Nonrecourse Indebtedness Recourse Indebtedness Mortgage Relief Act of 2007 Principal Residence Qualified Principal Residence Indebtedness Acquisition Indebtedness Reporting Form 1099A Timing & Character of Gain or Loss Gain Loss Lender’s Tax Impact Foreclosure Sale Discounted Acquisition of Debt Transactions Involving Related Parties Related Persons Personal Property Non-Installment Method Sales Basis of Installment Obligation Gain or Loss on Repossession Installment Method Sales Basis of Installment Obligation Gain or Loss on Repossession Basis of Repossessed Personal Property Bad Debt Real Property Conditions Figuring Gain on Repossession Limit on Taxable Gain Repossession Costs Indefinite Selling Price Character of Gain Basis of Repossessed Real Property Holding Period for Resales Buyer Improvements Bad Debt Seller’s Former Home Exception Non-Business Bad Debts Totally Worthless Determining Worthlessness Required Basis or Income Inclusion True Debt Loan or Gift Loan Guarantees Political Debts Mechanics’ Liens Insolvency of Contractor Secondary Liability on Home Mortgage Reporting Recovery Business Bad Debts Credit Transactions Income Inclusion Accrual Method Taxpayers Cash Method Taxpayers Former Business Debt Acquired from a Decedent Political Debts Insolvency of Partner Business Loan Guarantees Reporting Methods of Treating Bad Debts Specific Charge-Off Method Partly Worthless Debts Deduction Disallowed Totally Worthless Debts Recovery of Bad Debt Property Received for a Debt Bankruptcy Claim Sale of Mortgaged Property Net Operating Loss Nonaccrual-Experience Accounting Method Performing Services Interest & Late Charges Glossary |
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