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Course Details

Tax, Bankruptcy, and Financial Problems - Mini Course (Course Id 141)

Updated / QAS / Registry / EA
  Add to Cart 
Author : Danny C Santucci, JD
Course Length : Pages: 33 ||| 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

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 : 17273
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 : 17-Jul-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 - 141

Keywords : Taxes, Tax, Bankruptcy, Financial, Problems, Mini, Course, cpe, cpa, online course
Learning Objectives :

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


      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.
    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


Chapter 11- Reorganization


Chapter 13 - Wage-Earner Plan


Automatic Stay


Trust Fund Taxes


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


Asset Placement

Individual Ownership

Sole Proprietorship



Types of Trusts

Revocable Trust

Irrevocable Trusts

Business Trusts

Foreign Trusts - 679

Asset Protection Trusts - APTs

Medicaid Trust


Tenancy in Common

Joint Tenancy with Right of Survivorship


Family Partnerships

Charging Orders

Limited Liability Company

Retirement Plan

Retirement Fund Protection in Bankruptcy



Medical Costs - 213


Separate Returns

Community Property States


Adopted Child

Children of Divorced or Separated Parents

Multiple Support Agreements


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



High Deductible Health Plan (HDHP)

Amount of Contribution

Establishing an HSA


Qualified Medical Expenses

Casualty & Theft Losses Suspended - 165



Mislaid or Lost Property

Nondeductible Losses

Proof of Loss

Amount of Loss


Recovered Property

Related Expenses

Protection Cost

Repair & Replacement Costs


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


Nonrecourse Indebtedness

Recourse Indebtedness

Mortgage Relief Act of 2007

Principal Residence

Qualified Principal Residence Indebtedness

Acquisition Indebtedness


Form 1099A

Discounted Acquisition of Debt

Transactions Involving Related Parties


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

Sellers Former Home Exception

Bad Debts

Non-Business Bad Debts

Totally Worthless

Required Basis or Income Inclusion

True Debt

Loan or Gift

Political Debts



Business Bad Debts

Credit Transactions

Income Inclusion

Accrual Method Taxpayers

Cash Method Taxpayers


Methods of Treating Bad Debts

Specific Charge-Off Method

Nonaccrual-Experience Accounting Method

Elderly & Disabled Planning

Managing the Estate

Joint Tenancy


Durable Power

Revocable Living Trust

Catastrophic illness



Health Care Decisions

Supplemental Security Income

Disability Benefits


Kidney Disease


Estate Planning

Unlimited Marital Deduction

Outright To Spouse

Marital Deduction Trust

Qualified Terminable Interest Property Trust

Applicable Exclusion Amount

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

Stepped-up Basis & Modified Carryover Basis

Modified Carryover Basis - 1022

Limited Basis Increase for Certain Property

2010 Special Election

Primary Dispositive Plans

Simple Will

Danger for Larger Estates


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


Funeral Arrangements

Anatomical Gifts



Tax CPE Courses: https://www.cpethink.com/tax-cpa-courses
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