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Course Details

Tax, Bankruptcy, and Financial Problems (Course Id 235)

Updated / QAS / Registry / EA
  Add to Cart 
Author : Danny C Santucci, JD
Course Length : Pages: 158 ||| Review Questions: 120 ||| Final Exam Questions: 120
CPE Credits : 24.0
IRS Credits : 24
Price : $145.95
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 235

Description :

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. 

Usage Rank : 16000
Release : 2023
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 : 18-Dec-2023
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 - 235

Keywords : Taxes, Tax, Bankruptcy, Financial, Problems, 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.

Chapter 1              Bankruptcy

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

    * Tax law changes
    * Bankruptcy types
    * Automatic stay
    * Preferences
    * Priorities
    * Debt discharge
    * Individual bankruptcy estate
    * Individual debtor
    * Corporate bankruptcy
    * Homesteading & garnishment
Learning Objectives:

           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 recognizing their influence on how an individual or business “goes bankrupt.”
    2. Specify the rules for automatic stay and levy identifying their impact on “freezing” creditor activity, tax assessment, and collection.
    3. Identify the differences between preferential and nonpreferential payments specifying 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 and special garnishment rules.

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

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 §1041
    * 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 five 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 recognizing the changes made by §1041, and identify the requirements of §1041 and the scope of its application.
    4. Identify factors that determine whether a property transfer is incident to divorce and 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 choose the holding period for an asset transferred between spouses or former spouses incident to divorce.
    8. Recall 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 an exchange to dispose of low-basis property received in a §1041 transfer.
    10. Specify common disposition alternatives available on divorce, recall the home sale exclusion requirements, and identify 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, recognize the tax treatment of such gain or loss, and recall the role and tax treatment of life insurance in property settlements.
    13. Specify popular methods of dividing retirement benefits in a divorce or separation action identifying the requirements and tax consequences of a “qualified domestic relations order (QDRO).
    14. Choose an overall tax and economic strategy for the division of pension benefits in a marital settlement by:
      a. Specifying the pros and cons of deferred, present, and alternate property division arguments;
      b. Determining the treatment of IRAs at divorce considering the IRA deduction limit and rollovers;
      c. Identifying strategies for retirement planning after divorce;
      d. Recognizing the Social Security benefits, military pensions, civil service pensions, or railroad pensions that may be available to a former spouse; and
      e. Selecting which debts incurred during a divorce are dischargeable in bankruptcy.

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

Chapter 3              Asset Protection

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

    * Need for asset protection
    * Types of creditors
    * Fraudulent transfers
    * Preparation for asset protection
    * Types of insurance
    * Buy-sell agreements
    * Individual ownership & corporate ownership
    * Asset protection aspects of trusts
    * Co-tenancy & partnerships
    * Divorce
Learning Objectives:

           After reading Chapter 3, participants will be able to:
    1. Recognize the goals and purposes of asset protection and the objections about shielding assets from creditors by:
      a. Specifying reasons for asset protection and situations that can unexpectedly put assets and financial security at stake;
      b. Identifying common sources of lawsuits and the concepts of exploding and imploding liability; and
      c. Determining how insurance, asset placement and statutory protections can help achieve asset protection.
    2. Identify the types of creditors associated with asset protection and fraudulent transfers.
    3. Determine fraudulent transfers identifying badges of fraud, statutes of limitation, and criminal penalties, and specify permissible asset transfers.
    4. Recognize the necessity of asset protection identifying net worth under a balance sheet, and determine asset values in the preparation of a balance sheet. 5. Identify how insurance and buy-sell agreements can offer asset protection by:
      a. Determining the asset protection elements of homeowner's, automobile, and disability insurance;
      b. Specifying the parties under a life insurance contract listing and reasons for establishing an irrevocable life insurance trust; and
      c. Determining what constitutes entity purchase and cross-purchase buy-sell agreements.
    6. Recognize the asset protection advantages and disadvantages of ownership formats and entities by:
      a. Citing the use of individual ownership and corporate ownership in an asset protection plan, the importance of S corporations and their estate tax planning advantages;
      b. Identifying testamentary trusts, living trusts, their subcategories, and asset protection elements;
      c. Specifying the types of co-tenancy and their asset protection dangers, and identifying types of partnerships and their variation from limited liability companies; and
      d. Recognizing the unique asset protection qualities of retirement plans, custodianship, and estates as asset protection tools.

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

Chapter 4              Medical, Charitable, and Casualty

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

    * Medical costs
    * Medical deductions
    * Health savings accounts
    * Accelerated death benefits
    * Charitable contributions of cash
    * Charitable contributions of property
    * Substantiation
    * Pre- & Post-2018 Casualty & theft losses
    * Deductible & nondeductible losses
    * Disaster area losses
Learning Objectives:

           After reading Chapter 4, participants will be able to:
    1. Identify deductible §213 medical care expenses for federal tax purposes by:
      a. Recognizing the potential inclusion of spousal and dependent expenses, medical insurance premiums, meals and lodging, transportation expenses, cosmetic surgery, permanent home improvements, and lifetime care payments;
      b. Determining what constitutes medical savings accounts and their differences with health savings accounts, and citing the benefits and qualifications of HSAs including their relationship with high deductible health plans; and
      c. Specifying the mechanics of prescription drug plans, and identifying the accelerated death benefits exclusion and the health insurance deduction for self-employed individuals.
    2. Cite variables that impact the deductibility of §170 charitable contributions recognizing qualified organizations and limitations for these purposes, and identify the types of contributions that can be made, their tax treatment, and substantiation requirements.
    3. Determine what constitutes a §165 casualty or theft and the former and current rules for taking a deduction for all or part of each loss.

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

Chapter 5              Debt Cancellation & Foreclosure

           At the start of Chapter 5, participants should identify the following topics for study:

    * Income inclusion rule & exceptions
    * Real property business debt exclusion
    * General ordering of tax attribute reduction
    * Basis reduction
    * Individual and partnership bankruptcies
    * Corporate stock-for-debt rule
    * S corporation bankruptcy
    * Reporting
    * Amount realized on the sale or other distribution of property
    * Discounted acquisition of debt
Learning Objectives:

           After reading Chapter 5, participants will be able to:
    1. Recognize the effect that debt cancellation has on net worth and potential income inclusion from cancellation of indebtedness income, and identify exceptions to the general income inclusion rule and their tax effect.
    2. Specify the reduction of tax attributes on cancellation identifying any special basis reduction rules, recognize the depreciable property election, and determine what constitutes individual, partnership, and S corporation bankruptcies and the variables used in characterizing shares as nominal or token.
    3. Determine gain or loss resulting from foreclosure or repossession including its timing and character, identify reporting and filing requirements of such items, and specify the tax danger of acquiring one's own debt at a discount.

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

Chapter 6              Repossession

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

    * Repossession of personal property
    * Non-installment method sales
    * Installment method sales
    * Basis of repossessed personal property
    * Bad debt
    * Repossession of real property
    * Figuring gain on repossession
    * Seller’s former home exception
Learning Objectives:

           After reading Chapter 6, participants will be able to:
    1. Select which §1038 repossession rules apply to a transaction, and determine basis and gain or loss resulting from repossession of personal property using installment and non-installment methods of sale.
    2. Identify the distinctions between the rules, calculations, and effects of repossessions of personal and real property, and specify when a §166 bad debt deduction may be taken if the seller repossesses real property.

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

Chapter 7              Bad Debts

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

    * Totally worthless bad debts
    * True debt
    * Mechanics’ liens
    * Reporting & recovery
    * Credit transactions
    * Former business bad debts
    * Insolvency of a partner
    * Business loan guarantees
    * Specific charge-off method
    * Nonaccrual-experience accounting method
Learning Objectives:

           After reading Chapter 7, participants will be able to:
    1. Determine bad debt categories, their tax treatment, and effect on accounting and reporting by:
      a. Recognizing the concepts of worthlessness and true debt specifying the unique characteristics of deductible nonbusiness bad debt;
      b. Identifying the treatment of bad debts related to political debts, mechanics’ liens, and secondary liabilities on home mortgages; and c. Specifying the forms used to report bad debts and the tax treatment of recovered amounts.
    2. Identify the qualifications for §166 tax treatment of business bad debts by:
      a. Recognizing the tax treatment of business credit transactions, loan guarantees, accounts receivable, or notes receivable including the tax treatment of accounts receivable in a sale, and specifying the various forms on which a bad debt deduction should be taken based on entity type;
      b. Determining the tests to be met by an accrual method business in taking a bad debt deduction for a political debt and specifying the tax consequences of the insolvency of a partner when a partnership terminates with debts owed; and
      c. Identifying methods that can be used by businesses to treat uncollectible amounts and the rules that apply to each.

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

Chapter 8              Elderly & Disabled Planning

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

    * Managing the estate
    * Medicare
    * Medicaid & countable assets
    * Medicaid & non-countable assets
    * Medicaid & inaccessible assets
    * Private insurance
    * Healthcare decisions
    * Supplemental security income
    * Income & assets
    * Disability benefits
Learning Objectives:

           After reading Chapter 8, participants will be able to:
    1. Specify ways to manage an incompetent person’s estate, recognize joint tenancy and its benefits, and identify the levels of conservatorship that can influence assistance in the management and protection of an estate and/or personal care.
    2. Recognize durable powers and funded revocable living trusts and their uses and limitations in elderly and disabled planning.
    3. Identify the eldercare benefits of Medicare and Medicaid, countable income, and asset groupings under Medicaid.
    4. Determine available health care decisions such as having a living will, identify the distinctions between Supplemental Security Income and Social Security disability benefits, determine SSI asset groups, and specify requirements for SSI and Social Security disability benefits.

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

Chapter 9              Estate Planning

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

    * Unlimited marital deduction
    * Applicable exclusion amount
    * Stepped-up basis
    * Basic estate planning goals
    * Simple will
    * Types of trusts
    * Charitable trusts
    * Insurance trusts
    * Family documents
    * Private annuities
Learning Objectives:

           After reading Chapter 9, participants will be able to:
    1. Determine what constitutes estate planning for clients by:
      a. Identifying the elements of estate tax planning that have remained unchanged by recent legislation;
      b. Recognizing the unlimited marital deduction and its effect on the gross estate of the value of property; and
      c. Specifying the applicable exclusion amounts for various years of death.
    2. Identify the concepts of “stepped-up basis” and “modified carryover basis” for estate tax purposes.
    3. Specify estate planning goals, and recall the benefits and drawbacks of the primary dispositive plans.
    4. Identify various types of estate trusts and the family documents that every taxpayer should consider, and determine the advantages and disadvantages of the former private annuity format.
Course Contents :

Chapter 1 - Bankruptcy

Federal Bankruptcy

Means Testing

Median State Income Test

Means Test

Credit Counseling

Tax Law Changes

Chapter 13 "Superdischarge"

Subordination Of Ad Valorem Tax Liens

Interest on Tax Claims

Tax Returns

Bankruptcy Types

Chapter 7 - Liquidation

Exempt Assets


Trustee Appointment

Chapter 11- Reorganization


Creditors’ Committee

Reorganization Plan

Chapter 13 - Wage-Earner Plan


Repayment Plan

Trustee Appointment

Automatic Stay

Tax Assessment

Suspension of Statute of Limitation

Immediate Assessment


Tax Court

Tax Court Petition


Trust Fund Taxes

Allocation of Tax Payments


Super Priority Claims

Secured Claims

Federal Tax Liens

Priority Claims

Tax Claim Determination


Priority of Tax Claims

Second Priority Tax Claims

Third Priority Tax Claims

Four Generates Priority Eight Tax Claims

Eighth Priority Tax Claims

Debt Discharge

Chapter 7 Discharge

Chapter 11 Discharge

Chapter 13 Discharge

Discharge of Taxes

Tax Liens

Individual Bankruptcy Estate

Separate Entity

Tax Attribute Carryovers

Termination of the Estate

Filing Requirements

Disclosure of Return Information

Taxable Income

Taxable Year

Gross Income

Deductions & Credits

Administrative Expenses

Net Operating Loss Carryback

Transfers to Debtor

Partnership & S Corporation Interests

Request for Prompt Determination of Liability

Tax Liability

Individual Debtor

Tax Year Election

Annualizing Taxable Income

Making the Election

Later Bankruptcy of Spouse

Election Considerations

Transfers between Debtor & Estate

Net Operating Loss Carryback Limitation

Partnership Bankruptcy

No Separate Estate

Discharge of Debts

Corporate Bankruptcy

Exemption Return Filing

Personal Holding Company Tax

Tax-Free Reorganizations

§354, §355, & §356

Corporate Liquidations under Chapter 7

Carryover of Tax Items - §381 & 382

Bankruptcy Exception

Reduction of Carryforwards

Section 269 Presumption


Types of Homesteads

Property & Equity Covered

Who Can Homestead?

Excluded Debts


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


Retirement Equity Act of 1984

Enforceability Requirements


Uniform Premarital Act - The California Example

Permitted Items of Agreement

Unenforceable Items

Property Settlements

Section 1041

Application of §1041

Mandatory Scope

Property vs. Income

Savings Bonds



Imputed Interest

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


General Rule - Immediate & Specific


Holding Period

Notice & Recordkeeping

Purchases Between Spouses


Home Mortgage Interest

Deferral & Exclusion of Gain

Business & Investment Property


Section 1031 Exchange

Asset Separation

Related Parties

Two-Year Restriction

Foreign Property

Form 8824

Spousal Transfers

Installment Sale of Assets

Selected Asset Divisions


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

PLR 9046004

Arnes Cases

Mrs. Arnes v. United States, 981 F .2d 456 (9th Cir. 1992)

Mr. Arnes v. Commissioner, 102 TC 522 (1994)

Blatt Case

Gaughan Case

Section 302 Stock Redemption



Section 736(a) Payments

Effect on Recipient

Section 736(b) Payments


Exclusions From §736(b) Treatment


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


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


Chapter 3 - Asset Protection

Why Asset Protection?

Situations That Create Danger

Sources of Lawsuits

Types of Liability

Basic Protection Concepts

Types of Creditors

Evading Creditors

Fraudulent Transfers

Badges of Fraud

Statute of Limitations

Criminal Penalties

Permissible Asset Transfers

Asset Protection Goals



Homeowners Insurance

Automobile Insurance

Disability Insurance

Life Insurance

Life Insurance Trust

Buy-Sell Agreements


Asset Protection Aspects of Common Entities

Individual Ownership

Sole Proprietorship


C Corporation

No Pass-Through

The S Corporation - §1361


Types of Trusts

Revocable Trust

Land Trusts

Irrevocable Trusts

Testamentary Trust

Business Trusts

Foreign Trusts - §679

Asset Protection Trusts - APTs

Foreign Jurisdictions


Income Taxation

Estate & Gift Tax

Creditor Protection

Family Trusts

Medicaid Trust

Grantor Retained Income Trust


Tenancy in Common

Varying Percentages

No Survivorship

Joint Tenancy with Right of Survivorship

Equal Percentages

Tenants by the Entirety

Right of Partition


Family Partnerships

Charging Orders

Phantom Income to Creditor

Tax Issues

Estate Savings

Income Tax Savings

Limited Liability Company

Retirement Plan

Retirement Fund Protection in Bankruptcy




Premarital Agreements

Uniform Premarital Act - The California Example

Permitted Items of Agreement

Unenforceable Items

Retirement Equity Act of 1984

Benefits of a Premarital Agreement

Post-Nuptial Agreements

Chapter 4 - Medical, Charitable, and Casualty

Medical Costs - §213


Separate Returns

Community Property States


Adopted Child

Children of Divorced or Separated Parents

Multiple Support Agreements


Medical Deductions

Items Deductible

Items Not Deductible

Medical Insurance Premiums

Meals & Lodging

Expenses of Transportation

Cosmetic Surgery

Permanent Improvements

Lifetime Care Advance Payments

Reimbursement of Expenses

Amounts Deductible

Long-Term Care Provisions

IRA Withdrawals for Certain Medical Expenses

Medical Savings Accounts (Archer MSAs) - §220

Health Savings Accounts (HSAs) - §223



High Deductible Health Plan (HDHP)

Limits for HDHP

Amount of Contribution

Special Rules for Married Couples

Establishing an HSA



Qualified Medical Expenses

Insurance Premiums

Record Keeping

Health Care Act Changes

Prescription Drug Costs

Accelerated Death Benefits

Terminally Ill Individual

Chronically Ill Individual

Exclusion Limited

Health Insurance For Self-Employed

Charitable Contributions - §170

Requirements for Deductibility

Qualified Organizations

Limitations on Contributions

Five-year Carryover

Contributions of Cash

Benefits Received

Benefit Performances

Athletic Event Seating Rights Repealed

Raffle Tickets, Bingo, Etc.

Dues, Fees, or Assessments

Contribution of Property

Clothing & Household Goods

Ordinary Income or Short-term Capital Gain Type Property


Capital Gain Type Property


Conservation Easements

Loss Type Property

Vehicle Donations

Fractional Interests

Other Types of Contributions

Charitable Distributions from an IRA


Cash Contributions

Contributions Less Than $250

Contributions of $250 or More

Payroll Deduction Records

Noncash Contributions

Deductions of Less Than $250

Additional Records

Deductions of At Least $250 But Not More Than $500

Deductions Over $500 But Not Over $5,000

Deductions Over $5,000

Contributions Over $75 Made Partly for Goods or Services

Casualty & Theft Losses - §165



Mislaid or Lost Property

Deductible Losses

Nondeductible Losses

Proof of Loss

Amount of Loss


Recovered Property

Related Expenses

Protection Cost

Repair & Replacement Costs

Allocation for Mixed Use Property

Insurance and Other Reimbursements


Disaster Area Losses

Unsafe Home

Special Residence Rule

Loss on Deposits

Chapter 5 - 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


Deemed Distribution Rules

S Corporations

Student Loan Exception - §108(f)

Tax-Exempt Educational Organizations - §108

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


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


Amount Realized On Sale or Other Distribution of Property


Nonrecourse Indebtedness

Recourse Indebtedness


Form 1099A

Timing & Character of Gain or Loss



Mortgage Relief Act of 2007

Qualified Principal Residence Indebtedness

Mixed Indebtedness

Lender’s Tax Impact

Foreclosure Sale

Discounted Acquisition of Debt

Transactions Involving Related Parties

Related Persons

Chapter 6 - Repossession

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


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

Chapter 7 - Bad Debts

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



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


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

Chapter 8 - Elderly & Disabled Planning

Managing the Estate

Joint Tenancy


Durable Power

Revocable Living Trust

Catastrophic illness



Countable Assets

Non-Countable Assets

Personal Residence

Gifting the Residence - General Rule


Inaccessible Assets


Spousal Transfers

Spousal Allowance

Medicaid Trusts

Limited Trust Exceptions

Criminalization of Medicaid Asset Transfers

Private Insurance

Health Care Decisions

Supplemental Security Income


Unearned Income

Earned Income

Exempt Income


Countable Assets

Non-Countable Assets

Disability Benefits


Kidney Disease


Chapter 9 - Estate Planning

Unlimited Marital Deduction

Outright To Spouse

Marital Deduction Trust

Qualified Terminable Interest Property (QTIP) Trust

Applicable Exclusion Amount

Spousal Portability of Unused Exemption Amount - §2010(c)(2)

Stepped-up Basis - §1014

Former Modified Carryover Basis Rules - §1022

Property to Which the Former  Modified Carryover Basis Rules Applied

Limited Basis Increase for Certain Property

2010 Special Election

Basic Estate Planning Goals

Primary Dispositive Plans

Simple Will

Danger for Larger Estates


Assets Not Subject to a Will

Assets Subject to a Will


Types of Trusts

Living Trusts

Testamentary Trusts

Revocable & Irrevocable

Living “A-B” Revocable Trust

Living “A-B-C” (QTIP) Trust

Impact of Spousal Portability on Trust B under TUIRJCA

Charitable Trusts

Charitable Remainder Trusts

Charitable Income Trusts

Insurance Trusts

Family Documents

Living Will

Property Agreement & Inventory

Durable Power Of Attorney

Power of Attorney for Health Care


Funeral Arrangements

Anatomical Gifts

Private Annuity?

Advantages to the Transferor

Disadvantages to the Transferor

Advantages to the Transferee

Disadvantages to the Transferee

Regulations Restrict Private Annuity Income



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