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| Author : | Danny C Santucci, JD |
| Course Length : | Pages: 33 ||| Word Count: 19,402 ||| Review Questions: 15 ||| Final Exam Questions: 15 |
| CPE Credits : | 3.0 |
| IRS Credits : | 3 |
| Price : | $26.95 |
| 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 141 |
| Overview : |
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| Description : |
This course explores many tax issues that arise from filing for bankruptcy. Also addressed are asset protection for the tax practitioner and medical costs covered under §213. There is an examination of property settlements and other transfers incident to divorce. A tax surprise for many taxpayers is the taxability of debt cancellation and repossessing property sold on the installment method can also be taxable. Finally, practitioners are brought up-to-date information on tax issues affecting estate planning and business issues. |
| Usage Rank : | 10833 |
| Release : | 2006 |
| Version : | 1.0 |
| Prerequisites : | General understanding of federal income taxation. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Internal: Tax CPE Courses Online for Continuing Education
Internal: Corporate Taxation | Online CPE Course
External: Tax - Wikipedia
External: What Are Taxes?
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 21-Jul-2026 |
| 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 - 141 |
| Keywords : | Tax, Bankruptcy, and Financial Problems - Mini Course - CPE course for CPAs |
| Learning Objectives : | Learning Assignment & Objectives As a result of studying the assigned materials, you should be able to meet the objectives listed below. ASSIGNMENT At the start of the materials, participants should identify the following topics for study: * Federal bankruptcy * Marital property settlements - §1041 * Asset protection * Medical costs -§213 * Casualty & theft losses - §165 * Debt cancellation & foreclosure, repossession & bad debts * Elderly & disabled planning * Catastrophic illness & healthcare decisions * Supplemental security income & disability benefits * Estate planning & primary dispositive plans Learning Objectives After reading the materials, participants will be able to: 1. Identify common types of bankruptcy filings and related provisions that impact individual or business filings. 2. Specify marital property transfers and asset protection strategies, including insurance and organization structures to achieve protection and access objectives while avoiding fraudulent transfers and badges of fraud. 3. Recognize medical costs and casualty and theft losses that may be deductible. 4. Identify debt cancellation, foreclosure, and the deductibility and reporting of bad debts. 5. Recognize elderly, disability, and estate planning programs and provisions to be considered for catastrophic and death planning purposes. |
| Course Contents : | Chapter 1 - Tax, Bankruptcy and Financial Problems Federal Bankruptcy Bankruptcy Types Chapter 7 - Liquidation Availability Chapter 11- Reorganization Availability Chapter 13 - Wage-Earner Plan Availability Automatic Stay Preferences Trust Fund Taxes Priorities Super Priority Claims Secured Claims Federal Tax Liens Priority 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 Filing Requirements Taxable Income Individual Debtor Marital Property Settlements - §1041 Application of §1041 Mandatory Scope Property vs. Income Incident to Divorce Related To Termination Transfers in Trust Third Party Transfers Property Basis Passive Activity Loss Property Negotiated Property Divisions Adjudicated Property Divisions Holding Period Notice & Recordkeeping Purchases between Spouses Asset Protection Basic Protection Concepts Types of Creditors Evading Creditors Fraudulent Transfers Badges of Fraud Statute of Limitations Permissible Asset Transfers Insurance Asset Placement Individual Ownership Sole Proprietorship Corporate Trusts Types of Trusts Revocable Trust Irrevocable Trusts Business Trusts Foreign Trusts - §679 Asset Protection Trusts - APTs Medicaid Trust Co-Tenancy Tenancy in Common Joint Tenancy with Right of Survivorship Partnership Family Partnerships Charging Orders Limited Liability Company Retirement Plan Retirement Fund Protection in Bankruptcy Custodianship Estate Medical Costs - §213 Spouse Separate Returns Community Property States Dependents Adopted Child Children of Divorced or Separated Parents Multiple Support Agreements Decedents Medical Deductions Meals & Lodging Expenses of Transportation Cosmetic Surgery Permanent Improvements Lifetime Care Advance Payments Reimbursement of Expenses Amounts Deductible Health Savings Accounts (HSAs) - §223 Benefits Qualifications High Deductible Health Plan (HDHP) Amount of Contribution Establishing an HSA Distributions Qualified Medical Expenses Casualty & Theft Losses Suspended - §165 Casualty Theft Mislaid or Lost Property Nondeductible Losses Proof of Loss Amount of Loss Theft Recovered Property Related Expenses Protection Cost Repair & Replacement Costs Limitations Disaster Area Losses Special Residence Rule Loss on Deposits Debt Cancellation & Foreclosure Exceptions from Income Inclusion Reduction of Tax Benefits (Attributes) - §108(b) Basis Reduction Foreclosure Nonrecourse Indebtedness Recourse Indebtedness Mortgage Relief Act of 2007 - Expired Principal Residence Qualified Principal Residence Indebtedness Acquisition Indebtedness Reporting Form 1099A Discounted Acquisition of Debt Transactions Involving Related Parties Repossession Personal Property Basis of Repossessed Personal Property Bad Debt Real Property Figuring Gain on Repossession Limit on Taxable Gain Repossession Costs Character of Gain Basis of Repossessed Real Property Bad Debt Seller’s Former Home Exception Bad Debts Non-Business Bad Debts Totally Worthless Required Basis or Income Inclusion True Debt Loan or Gift Political Debts Reporting Recovery Business Bad Debts Credit Transactions Income Inclusion Accrual Method Taxpayers Cash Method Taxpayers Reporting Methods of Treating Bad Debts Specific Charge-Off Method Nonaccrual-Experience Accounting Method Elderly & Disabled Planning Managing the Estate Joint Tenancy Conservatorship Durable Power Revocable Living Trust Catastrophic illness Medicare Medicaid Health Care Decisions Supplemental Security Income Disability Benefits Blind Kidney Disease AIDS Estate Planning Unlimited Marital Deduction Outright To Spouse Marital Deduction Trust Qualified Terminable Interest Property Trust Applicable Exclusion (or Exemption) Amount Spousal Portability of Unused Exemption Amount - §2010(c)(2) Stepped-up Basis Primary Dispositive Plans Simple Will Danger for Larger Estates Probate Assets Not Subject to a Will Assets Subject to a Will Living “A-B” Revocable Trust Living “A-B-C” (QTIP) Trust Family Documents Living Will Property Agreement & Inventory Durable Power Of Attorney Power of Attorney for Health Care Conservatorship Funeral Arrangements Anatomical Gifts Glossary |
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