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Unfortunately, some of your clients may be faced with bankruptcy issues at some point. Be prepared to answer their questions and correctly prepare their returns.

2 CPE for EA, CPA, CRTP, CFP®

$52 for Members and $64 for Nonmembers

Includes webinar recording and PowerPoint presentation. CPE is issued after exam is successfully completed.

Generally when taxpayers are in financial distress, their property is foreclosed upon and any debt associated with that property could be cancelled. If the debt is cancelled, taxpayers have taxable income to report unless they are considered insolvent. The calculation used to determine if a taxpayer is insolvent can be complex and cumbersome. This webinar will examine the calculation of insolvency in great detail. This webinar will also discuss the reduction of tax attributes associated with excluding cancelled debt due to insolvency.​

Upon the completion of this on-demand webinar, you will be able to:

  • Determine whether or not an individual taxpayer is insolvent.
  • Determine the FMV of assets that a taxpayer owns, including the obscure assets.
  • Discuss the effects of pass-through entities and whether an insolvency calculation must be done at the individual or entity level.
  • List the ordering rules for reducing tax attributes.
  • Complete Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness, with respect to the insolvency exclusion.

Presented by: Melinda Garvin, EA

CPE Sponsor Information

Duration: 100 minutes
Course Level: Intermediate
Prerequisite: Basic knowledge of income taxation
Advanced Preparation: None
Delivery Method: QAS Self-Study

 

CPE CreditsDesignationField of Study
IRS2EAFederal Tax Law Topic
NASBA2CPATaxes
CTEC2CRTPFederal Tax Law Topic
CFP Board2CFP®Income Tax Planning

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