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Advanced S Corps: Insolvency and Bankruptcy of S Corporations

 

 

Course Year: 2013
Course Level: Advanced
Prerequisite: Intermediate knowledge of S corporation taxes
Advance Preparation: None
Delivery Method: Self-Study

Note: This course is also included in the Advanced S Corporations course .

CPE Credits Designation Field of Study
IRS * 2 EA Federal Tax Law Topic
NASBA 0 CPA N/A
CTEC 2 CRTP Federal Tax Law Topic
CFP Board 0 CFP® N/A

 

* NATP will report CPE credits to the IRS for all PTIN holders. CPE is currently not mandatory for RTRPs or RTRP candidates and any option to register or participate in this program is strictly voluntary.

 

Fees: $46 for Members and $56 for Nonmembers

Summary

Today’s state of the American economy has left small businesses especially vulnerable to financial distress. Foreclosure, bankruptcy and insolvency have become commonplace terminology. When S corporations encounter these predicaments, special rules apply at the corporate level and at the shareholder level. Learn how to properly report foreclosures and debt cancellations for S corporations that are either insolvent or bankrupt, and determine the tax impact on the shareholders.

Objectives
Upon completion of this course, the tax professional will be able to:

  • Determine if the S corporation is bankrupt or insolvent.
  • Report a property foreclosure and cancellation of debt income for an S corporation.
  • Exclude cancellation of debt income from gross income. 

For more information regarding refund, complaint and/or program cancellation policies, please contact our Member Services Department at 800.558.3402, ext. 3.

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PO Box 8002, Appleton, WI 54912-8002 Phone: 800.558.3402 Fax: 800.747.0001

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