Reporting Property Dispositions and Debt Cancellations for Business Entities On-Demand Webinar

Summary

Financial hardships cause businesses to abandon properties, have their properties foreclosed upon, file bankruptcy or restructure their debt. When this happens, tax preparers need to understand how to report Forms1099-A, Acquisition or Abandonment of Secured Property, and 1099-C, Cancellation of Debt for the different entity types. Our job is to determine whether the taxpayer has taxable income as a result and how to report it. Additionally, we will review when to use Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment).

Objectives

Upon completion of this course, you will be able to:

• Illustrate how businesses report Form 1099-A and Form 1099-C
• Determine whether there is taxable income from the cancellation of debt (COD)
• Identify the deemed selling price when reporting a Form 1099-A sale
• Explain the tax treatment of cancellation of debt income (CODI) for the various entities and their owners
• Complete Form 982

Course Details

This on-demand webinar includes the presentation slides, exam questions, recording of the webinar broadcast with review questions, and attendee top questions. CPE is issued after exam is successfully completed.